Problem P13 - 3

Journalize the following transactions made by the Daly Company. The par value of each common share is $8.00. (Omit explanations).

Jan. 10 Issued 15,000 shares of common stock for cash at $15.00 per share.

Jan. 12 Issued another 25,000 shares of common stock at $25.00 per share.

Feb. 5 Issued 12,000 shares of common stock for land that had an asking price of $400,000 and a fair value of $360,000.

May 1 Issued 2,000 shares of common stock for attorney services related to incorporation. The

attorneys billed the company $40,000.

May 15 Acquired 4,000 shares of its common stock at $30.00 per share.