Question

Concord Corporation was organized on January 1, 2017. It is authorized to issue 9,400 shares of 8%, $100 par value preferred stock, and 537,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10		Issued 80,740 shares of common stock for cash at $6 per share.
Mar. 1		Issued 5,980 shares of preferred stock for cash at $109 per share.
Apr. 1		Issued 24,200 shares of common stock for land. The asking price of the land was $90,970; the fair value of the land was $80,740.
May 1		Issued 80,740 shares of common stock for cash at $9 per share.
Aug. 1		Issued 9,400 shares of common stock to attorneys in payment of their bill of $48,600 for services rendered in helping the company organize.
Sept. 1		Issued 9,400 shares of common stock for cash at $11 per share.
Nov. 1		Issued 1,080 shares of preferred stock for cash at $118 per share.

Answer 1

Journal entry :

Date	account & explanation	debit	credit
Jan 10	Cash (80740*6)	484440
	Common Stock		80740
	Paid in capital in excess of stated value-Common Stock		403700
	(To record issue common stock)
Mar 1	cash (5980*109)	651820
	Preferred stock		598000
	Paid in capital in excess of par value-Preferred Stock		53820
	(To record issue preferred stock)
Apr 1	Land	90970
	Common Stock		24200
	Paid in capital in excess of stated value-Common Stock		66770
	(To record common stock)
May 1	Cash (80740*9)	726660
	Common Stock		80740
	Paid in capital in excess of stated value-Common Stock		645920
	(To record Common Stock)
Aug 1	Account payable	48600
	Common Stock		9400
	Paid in capital in excess of stated value-Common Stock		39200
	(To record common stock)
Sep 1	Cash (9400*11)	103400
	Common Stock		9400
	Paid in capital in excess of stated value-Common Stock		94000
	(To record common Stock)
Nov 1	Cash (1080*118)	127440
	Preferred Stock		108000
	Paid in capital in excess of par value-Preferred stock		19440
	(To record preferred Stock)