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question e15 2b l01 recording the issuance of common and preferred stock national ga 4280200

Question

E15-2B (L01) (Recording the Issuance of Common and Preferred Stock) National Gas Corporation was organized on June 1, 2017. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

June 15 – Issued 165,000 shares of common stock for cash at $5 per share.

June 30 – Issued 25,000 shares of preferred stock for cash at $102 per share.

Aug 15 – Issued 20,000 shares of common stock for a factory building. The asking price of the factory building was $150,000; the appraised value of the factory building was $140,000.

Sept. 1 – Issued 200,000 shares of common stock for cash at $7 per share.

Oct. 1 – Issued 5,000 shares of common stock to attorneys in payment of their bill of $40,000 for services rendered in helping the company organize.

Oct. 15 – Issued 25,000 shares of common stock for cash at $8.50 per share.

Nov. 1– Issued 6,000 shares of preferred stock for cash at $104 per share.

Instructions

Prepare the journal entries to record the above transactions.

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