The charter of Oak Tree Corporation authorizes the issuance of $1,000$ shares of preferred stock and $2,000$ shares of common stock.

Oak Tree Corporation completed these stock$-$issuance transactions:

View the transactions.

Read the requirements.

Requirement $1.$ Record the transactions in the general journal. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.

Mar. $23$: Issued $220$ shares of $$3$ par value common stock for cash of $$16$ per share.

Date

Accounts and Explanation

Credit

Transactions

Mar. $23$ Issued $220$ shares of $$3$ par value common stock for cash of $$16$ per share.

Apr. $12$ Received inventory with a fair value of $$28,000$ and equipment with a fair value of

$$17,000$ for $360$ shares of the $$3$ par value common stock.

Apr. $17$ Issued $1,000$ shares of $2\%,$$$30$ par value preferred stock for $$30$ per share.