Return to Blackboard Weygandt, Accounting Principles, 13e Help I System Anno Der CALCULATOR PRINTER VERSION BACK Question 3 Pina Colada Corporation was organized on January 1, 2020. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 512,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year Jan. 10 Issued 79,000 shares of common stock for cash at $4 per share. 1 Issued 5,850 shares of preferred stock for cash at $105 per share. Mar. Apr. 1 Issued 23,000 shares of common stock for land. The asking price of the land was $87,500. The fair value of the land was $88,000. May 1 Issued 81,000 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $108 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Return to Blackboard Weygandt, Accounting Principles, 13e Help I System Announcements CALCULATOR PRINTER VERSION CES t 1 udy SHOW LIST OF ACCOUNTS