Question - On December 31, 2015, Bishop Corporation reported total assets of $200,000 prior to the following adjusting entries: Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 22,900 shares of 6%, $53 par value preferred stock and 476,200 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 73,200 shares of common stock for cash at $5 per share.
Mar. 1 Issued 12,100 shares of preferred stock for cash at $57 per share.
May 1 Issued 128,600 shares of common stock for cash at $8 per share.
Sept. 1 Issued 5,800 shares of common stock for cash at $9 per share.
Nov. 1 Issued 4,500 shares of preferred stock for cash at $55 per share.
Journalize the transactions.