Lincoln Corporation was just issued a charter by the state of New York. This charter gives Lincoln the authority to issue 275,000 shares of $8 par-value common stock. From the following transactions:

1. Prepare journal entries to record the transactions of Lincoln Corp. for the month of August.

2. Prepare the Paid-In Capital section of Lincoln?s balance sheet at the end of the month.

Transcribed Image Text:

201X Aug. 10 Issued 2,250 shares of stock for land and building with fair market values of $17,500 and $19,000, respectively. 15 Accepted subscriptions to 18,800 shares of stock for $250,000 to be paid in two equal installments. 21 Collected first installment on 9,400 shares of the common stock subscribed on August 15. 27 Sold 7,800 shares of stock for $98,000. 29 Collected last installment on 9,400 shares of the common stock subscribed on August 15 and issued the shares.