Willow Creek Nursery, with an authorization of 18,000 shares of preferred stock and 310,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows:

Cash	416,100
Land	117,000
Buildings	236,600
Preferred 2% Stock, $100 par			340,000
Paid-In Capital in Excess of ParPreferred Stock			13,600
Common Stock, $40 par			292,000
Paid-In Capital in Excess of ParCommon Stock			124,100
	769,700		769,700

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Question Content Area

Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank.

1.	Cash
	Common Stock
	Paid-In Capital in Excess of Par-Common Stock

2.	Buildings
	Land
	Preferred Stock
	Paid-In Capital in Excess of Par-Preferred Stock