Joanjim Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares of 6%, $40 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 first year.
Jan 10 - Issued 100,000 shares of common stock for cash at $3 per share.
Mar 1 - Issued 10,000 shares of preferred stock for cash at $55 per share.
Apr 1 - Issued 25,00 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000.
May 1 - Issued 75,000 shares of common stock for cash at $4 per share.
Aug 1 - Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize.
Sept 1 - Issued 5,000 shares of common stock for cash at $6 per share
Nov 1 - Issued 2,000 shares of preferred stock for cash at $60 per share
(a) Journalize the transactions
(b) Post to the stockholders' equity accounts
(c) Prepare the paid-in capital section of stockholder's equity at December 31, 2012.