Jackie Remmers Corporation was organized on January 1, 1996. It is authorized to issue 20,000 shares of \(6 \%, \$ 50\) par value preferred stock, and 500,000 shares of no-par common during the first year:

Jan. 10 Issued 100,000 shares of common stock for cash at \(\$ 3\) per share.

Mar. 1 Issued 10,000 shares of preferred stock for cash at \(\$ 51\) per share.

Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was \(\$ 90,000\); the fair market value of the land was \(\$ 85,000\).

May 1 Issued 75,000 shares of common stock for cash at \(\$ 4\) per share.

Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill for \(\$ 50,000\) pertaining to services rendered in helping the company organize.

Sept. 1 Issued 5,000 shares of common stock for cash at \(\$ 6\) per share.

Nov. 1 Issued 2,000 shares of preferred stock for cash at \(\$ 53\) per share.

\section*{Instructions}

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts. (Use J1 as the posting reference.)

(c) Prepare the paid-in capital section of stockholders' equity at December 31, 1996.