Willow Creek Nursery, with an authorization of 24,000 shares of preferred stock and 170,000 shares of common stock, completed several transactions involving its stock on June 1, the first day of operations. The trial balance at the close of the day follows:

Cash	352,000
Land	107,000
Buildings	218,500
Preferred 2% Stock, $100 par			310,000
Paid-In Capital in Excess of Par-Preferred Stock			15,500
Common Stock, $40 par			256,000
Paid-In Capital in Excess of Par-Common Stock			96,000
	677,500		677,500

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.

For a compound transaction, if an amount box does not require an entry, leave it blank.