Using the financial statement template below, summarize the financial statement effects of the following transactions, including the accounts affected for each transaction category.

(1) Issues 63,000 shares of $1 par value common stock for $12.00 per share.

(2) Receives land in exchange for 5,000 shares of $1 par common stock when the common stock is trading in the market at $18.00 per share. The land has no readily determinable market value.

(3) (a) Receives subscriptions for the issue of 14,000 shares of $1 par value common. The share issue price is $12 of which 30 percent is received as a down payment.

(3) (b) Subsequently, the remaining 70 percent is received from the transaction in 3(a).

					Shareholders Equity
Entry	Assets	=	Liabilities	+	CC	+	AOCI	+	RE
1
2
3(a)
3(b)