Problem 1 Karney Corporation is authorized to issue 100,000 shares of $2 stated value common stock and 20,000 shares of $100 par value, 10 preferred stock The following transactions occurred during the month of January Jan 5 Issued 5,000 shares of common stock for cash at $10 per share 12 Issued 2,000 shares of preferred stock for cash at $110 per share 15 Issued 2,000 shares of common stock to an attomey for a bill of $9,000 in connection with the organization of the corporation 18 Issued 10 000 shares of common stock in exchange for land for a plant site The advertised price for the land is $110,000 The fair market value of the common stock is still $10 per share INSTRUCTIONS Record the transactions in general joumal format for the month of January

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Problem 1  Karney Corporation is authorized to issue 100,000 shares of $2 stated value common stock and 20,000 shares of $100 par value, 10  preferred stock  The following transactions occurred during the month of January  Jan  5 Issued 5,000 shares of common stock for cash at $10 per share  12 Issued 2,000 shares of preferred stock for cash at $110 per share  15 Issued 2,000 shares of common stock to an attomey for a bill of $9,000 in connection with the organization of the corporation  18 Issued 10 000 shares of common stock in exchange for land for a plant site  The advertised price for the land is $110,000  The fair market value of the common stock is still $10 per share  INSTRUCTIONS  Record the transactions in general joumal format for the month of January

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Problem 1. Karney Corporation is authorized to issue 100,000 shares of $2 stated value common stock and 20,000 shares of $100 par value, 10% preferred

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