Present below is information related to foster Company:

1. The company is granted a charter that authorities issuance of 25,000 no par value preferred shares and 60,000 no per common shares

2. 15,000 common shares are issued to the founders of the corporation for land value by the board of director at $455,000

3. 4,600 preferred shares are sold for cash at $165

4. The company issues 200 common shares to its attorneys for costs associated with starting the company that time, the common shares were selling at $72 per shares

5. Foster company decides to issue shares on a subscription basis to selected individuals giving each individual the right to purchase 200 common shares at a price of $58 per share. Fifty individuals accept the companys offer and agree to pay 20% down

6. The remainder is received regarding the shares on a subscription basis, and the shares are issued

Required:

Papered the journal entries necessary to record the transaction listed above. Where appropriate state No entry required