Prepare corporation journal entries

Hamilton Corporation was authorized to issue 20,000 shares of $100 par value, 5% preferred stock and 50,000 share of $1 par common stock.Record the following transactions:

• Issued 5,000 shares of common stock for $40 per share
• Issued 500 shares of common stock at $19 per share for services rendered in connection with theorganization of the company
• Issued 5,000 shares of common stock for a building on which the asking price was $325,000.Market value of the stock was $50.Management wishes to record the land at the market price of the stock.
• Issued 1,000 shares of Preferred stock at $125 per share
• Issued 6,000 shares of common stock for $40 per share
• Issued 8,000 shares of preferred stock for $130 per share