Proko Corporation was just issued a charter by the state of New York. This charter gives Proko the authority to issue 275,000 shares of $7 par value common stock. From the following transactions,
1. Prepare journal entries to record the transactions of Proko Corp. for the month of October.
2. Prepare the Paid-In Capital section of Proko balance sheet at the end of the month.
201X
Oct. 8 Issued 2,200 shares of stock for land and building with fair market value of $17,000 and $18,000, respectively.
13 Accepted subscriptions to 18,800 shares of stock for $262,000 to be paid in two equal installments.
19 Collected first installment on 9,400 shares of the common stock subscribed on October 13.
25 Sold 6,800 shares of stock for $94,000.
27 Collected last installment on 9,400 shares of the common stock subscribed on October 13 and issued the shares.