STOCK SUBSCRIPTIONS AND TREASURY STOCK Brown & Brown formed a corporation and had the following stock transactions during the year:

June 30 Incurred the following costs of incorporation:

Incorporation fees....$ 800

Attorneys’ fees.....5,000

Promotion fees......7,000

July 15 Issued 5,000 shares of $10 par common stock for $52,000 cash.

21 Issued 4,000 shares of $20 par, 8% preferred stock for $79,500 cash.

Aug. 1 Received subscriptions for 10,000 shares of $10 par common stock for $103,500.

15 Issued 10,000 shares of $10 par common stock in exchange for a building and fixtures with a fair market value of $110,000.

31 Received a payment of $53,500 for the common stock subscription.

Sept. 3 Purchased 1,000 shares of its own $10 par common stock for $11 a share.

12 Issued 3,500 shares of no-par common stock with a stated value of $8 per share for $30,000.

18 Received the balance in full for the common stock subscription and issued the stock.

30 Sold 500 shares of its treasury stock for $11.50 a share.

Oct. 15 Issued 5,000 shares of $20 par, 8% preferred stock in exchange for land with a fair market value of $108,000.

31 Sold 500 shares of its treasury stock for $10.75 a share.

REQUIRED

Prepare journal entries to record the transactions.