Question

Concord Corporation was organized on January 1, 2019. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year:

JOURNALIZE

Jan.	10		Issued 85,000 shares of common stock for cash at $4 per share.
Mar.	1		Issued 5,150 shares of preferred stock for cash at $110 per share.
Apr.	1		Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000.
May	1		Issued 78,000 shares of common stock for cash at $5.25 per share.
Aug.	1		Issued 11,000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize.
Sept.	1		Issued 12,000 shares of common stock for cash at $7 per share.
Nov.	1		Issued 1,000 shares of preferred stock for cash at $113 per share.

Answer 1

Date	Accounting title and explanation	Debit	Credit
Jan 10.	Cash (85,000 shares * $ 4 market price/share)	340000
	Common Stock (85,000 shares * $2 stated value/share)		170000
	APIC—Common Stock		170000
March 1	Cash (5,150 shares * $110 market/share)	566,500
	Preferred Stock (5,150 shares X $100 par value/share)		515000
	APIC—Preferred Stock		51500
April 1	Land (at fair value)	84000
	Common Stock (22,000 shares * $2 stated value/share)		44000
	APIC-Common Stock		40000
May 1	Cash (78,000 shares * $5.25 market price/share)	409500
	Common Stock (78,000 shares * $2 stated value/share)		156000
	APIC—Common Stock		253500
Aug 1	Organizational Expense	43000
	Common Stock (11,000 shares * $2 stated value/share)		22000
	APIC—Common Stock		21000
Sept. 1	Cash (12,000 shares * $7 market price/share)	84000
	Common Stock (12,000 shares X $2 stated value/share)		24000
	APIC - Common stock		60000
Nov. 1	Cash (1,000 shares * $113 market price/share)	113000
	Preferred Stock (1,000 shares * $100 par value/share)		100000
	APIC—Preferred Stock		13000