1-Aug__ Issued 10,000 shares of common stock to attomeys in payment of their bill of $50,000 for services rendered in helping the company organize. Organization Expense 50,000 ‘Common Stock (10,000 * 2 20,000 Paid in Capital in Excess of Stated Value - Common Stock ($50,000 - $20,000) 30,000 1-Sep _ Issued 10,000 shares of common stock for cash at $9 per share. Cash (10,000 * $9) 90,000 Common Stock (10,000 * $2) 20,000 Paid-in Capital in Excess of Stated Value - Common Stock (10,000 * $7) 70,000 1-Nov Issued 1,000 shares of preferred stock for cash at $112 per share. Cash (1,000 * $112) 112,000 Preferred Stock (1,000* $50) 50,000 Paid-in Capital in Excess of Par Value - Preferred Stock (1,000 * $62) 62,000 Dipindai dengan CamScannerExercise 15-2 Exercise 15-2 (Recording the Issuance of Common and Preferred Stock) Abernathy Corporation was organized on January 1, 2010. It is authorized to issue 10,000 shares of 89, $50 par value preferred stock and 500,000 shares of no par common stock with a stated value of $2 per share. The following stock transactions were completed during the year . Instructions: Prepare the journal entries to record the above transactions. 10Jan__ Issued 80,000 shares of common stock for cash at $5 per share. 10-Jan Cash (80,000 * $5) $400,000 ‘Common Stock (80,000 * $2) 160,000 Paid in Capital in Excess of Stated Value - Common Stock (80,000 * $3) 240,000 1:-Mar _ Issued 5,000 shares of preferred stock for cash at $108 per share. Cash (5,000 * $108) 540,000 Preferred Stock (5,000 * $50) 250,000 Paid in Capital in Excess of Par Value - Preferred Stock (5,000 * $58) 290,000 Apr _Issued 24,000 shares of common stock for land. The asking price of the land was $90,000 and the fair market value of the land was $80,000. Land 80,000 Common Stock (24,000 * $2) 48,000 Paid in Capital of Stated Value - Common Stock ( $80,000 - $48,000) 32,000 1-May _ Issued 80,000 shares of common stock for cash at $7 per share. Cash (80,000 * $7) 560,000 Common Stock (80,000 * $2) 160,000 Paid in Capital in Excess of Stated Value - ‘Common Stock (80,000 * $5) 400,000 indai dengan CamScanner