A corporation was organized on January 1 of the current year, with an authorizat

Question

A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares of $4 preferred stock, $12 par, and 100,000 shares of $3 par common stock.

The following selected transactions were completed during the year of operations:
Jan.3 issued 15,000 shares of common stock at $23 per share for cash
Jan.31 issued 200 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. the value of stock was at the time of payment was $25 per share
Feb.24 issued 20,000 shares common stock in exchange for land, buildings, and equipment with fair market prices of $65,000 and $120,000 and $45,000 respectively
Mar.15 issued 2,000 shares of preferred stock at $56 for cash

can you help me post these transactions to the journal and explain how you got the answers my journal entries are not coming out equal

Explanation / Answer

According to the given information, Par value of Preferred stock = $12 Par value of Common stock = $3 https://s3.amazonaws.com/answer-board-image/0a16e141-c093-4fca-bf7e-1ecbb060823f.jpeg Therefore, the transactions are journalised in the above manner.

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