Abernathy Co authorized to issue 10,000 shares of 8% - $50 par value preferred stock and 500,000 shares of no par value common stock with a stated value of $2 per share. Journalize the following transactions:
Jan10. Issued 80,000 shares of common stock for cash at $5 per share
Apr 1. Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $80,000
Aug 1. Issued 10,000 shares of common stock to attorneys in payment of their bill of
$50,000 for services rendered in helping the company organize
Nov 1. Issued 1,000 shares of preffered stock for cash at $112 per share