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PROBLEMS: 1. 2022. Valley Men Corporation had the following transactions during January 2022: Jan. 2. 5. 8. Issued 2,000 shares of its $5 par
PROBLEMS: 1. 2022. Valley Men Corporation had the following transactions during January 2022: Jan. 2. 5. 8. Issued 2,000 shares of its $5 par value common stock to an attorney for a bill of $14,000 in connection with the organization of the corporation. Issued 30,000 shares of its $5 par value common stock for $360,000 cash. Issued 20,000 shares of its $5 par value common stock in exchange for land and a building. The land and building are estimated to have an appraised value of $110,000 and $140,000 respectively. The market price of the shares was $10 per share.. Prepare the entries in journal form to record the above transactions. Omit explanations, but show computations.
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