Stated Value, Common and Preferred Stock, and Noncash Assets Instructions Chart of Accounts General Journal Instructions Dan's Hobby Stores had the following stock transactions during the year: Transactions: (a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash. (b) Issued 6,000 shares of no-par common stock with a stated value of $10 per share for $63,000 cash. (c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000 cash. (d) Issued 10,000 shares of $10 par common stock for land with a fair market value of $100,000. (e) Issued 11,000 shares of $10 par common stock with an $11 fair market value for a building with an uncertain fair market value. (0) Issued 8,000 shares of $30 par, 6% preferred stock for land with a fair market value of $243,000. Required: Prepare general journal entries for these transactions. CHART OF ACCOUNTS Dan's Hobby Stores General Ledger ASSETS 101 Cash REVENUE 401 Sales EXPENSES 122 Accounts Receivable 141 Supplies 145 Prepaid Insurnce 161 Land 171 Building Office Equipment 181.1 Accumulated Depreciation Office Equipment 181 511 Wages Expense 512 Advertising Expense 521 Rent Expense 523 Supplies Expense 525 Phone Expense 532 Bad Debt Expense 535 Insurance Expenso 541 Depreciation Expense-Office Equipment 549 Miscellaneous Expense LIABILITIES 202 Accounts Payable 219 Wages Payable 231 Sales Tax Payable EQUITY 305 Preferred Stock 311 Common Stock 321 Paid-In Capital in Excess of Par-Common Stock 321.1 Paid-In Capital in Excess of Stated Value-Common Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 339 Retained Earnings Prepare general journal entries for these transactions on December 31. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE 1 POST. REF DEBIT I CREDIT 2 3 4 5 6 7 11 12 13 14 15