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Problem One: Cornbread Stuffing Corporation is authorized to issue 2,000,000 shares of $3 par value common stock. During 2015, its first year of operation, the
Problem One: Cornbread Stuffing Corporation is authorized to issue 2,000,000 shares of $3 par value common stock. During 2015, its first year of operation, the company had the following stock transactions Jan Jan. 1 31 Issued 600,000 shares of stock at $8 per share. Attorneys for the company accepted 1,500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $6.500, Issued 150,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $5.80 per share. July 15 Instructions Journalize the transactions for Horner Corporation. Date Account
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