Rebal Corporation was just issued a charter by the state of New York. This charter gives Rebal the authority to issue 400,000 shares of $8 par-value common stock. Consider the following transactions: Requirements 1. Prepare journal entries to record the transactions of Rebal Corp. for the month of August. 2. Prepare the Paid-In Capital section of Rebal's balance sheet at the end of the month. i More Info x LILL 2018 Issued 2,200 shares of stock for land and building with fair market Aug. 7 values of $16,000 and $20,000, respectively. Accepted subscriptions to 19,200 shares of stock for $246,000 to be 12 paid in two equal installments. Collected first installment on 9,600 shares of the common stock 18 subscribed on August 12. 24 Sold 7,200 shares of stock for $92,000. Collected last installment on 9,600 shares of the common stock 26 subscribed on August 12 and issued the shares. ? August 7: Issued 2,200 shares of stock for land and building with fair market values of $16,000 and $20,000, respectively. Journal Entry Accounts Dr. Cr. Aug Date PR 7 Building Cash Common Stock August 12: Acc Common Stock Subscribed Land Paid-In Capital in Excess of Par Value-Common Date Retained Earnings Aug 12 Subscriptions Receivable Common Stock be paid in two equal installments. PR Dr. Cr. August 12: Accepted subscriptions to 19,200 shares of stock for $246,000 to be paid in two equal installments. Journal Entry Accounts Date PR Dr. Cr. Aug. 12 August 18: Collected first installment on 9,600 shares of the common stock subscribed on August 12. Journal Entry Date Accounts PR Dr. Aug 18 Cr. August 24: Sold 7.200 shares of stock for $92,000. Journal Entry PR Dr. Cr. Date Accounts Aug 24 August 26: Collected last installment on 9,600 shares of the common stock subscribed on August 12 and issued the shares First prepare the journal entry for the second installment payment on the stock subscription. Journal Entry Accounts PR Dr. Cr. Date Aug 26 Now, prepare the journal entry for the issuance of subscribed shares. Journal Entry Accounts Date PR Dr. Cr. Aug. 26 Requirement 2. Prepare the Paid-In Capital section of Rebal's balance sheet at the end of the month, Review the journal entries you prepared above. Paid-in Capital par, authorized shares shares issued and outstanding Total Paid-in Capital Choose from any list or enter any number in the input fields and then continue to the next