2. 8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $300,000. The board establishes a stated value of $5 a share for the common stock.
3. 5,000 shares of preferred stock are sold for cash at $120 per share.
4. The company issues 100 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $60 per share.
InstructionsPrepare the general journal entries necessary to record these transactions.
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