Kane Corporation was just issued a charter by the state of New York. This charter gives Kane the authority to issue 325,000 shares of $7 par-value common stock. Consider the following transactions:
1. Prepare journal entries to record the transactions of Kane Corp. for the month of September.

2. Prepare the Paid-In Capital section of Kane Corporation’s balance sheet at
the end of the month.

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202X Sept. 9 Issued 2,150 shares of common stock for land and building with fair market values of $14,500 and $18,000, respectively. 14 Accepted subscriptions to 18,400 shares of common stock for $246,000 to be paid in two equal installments. 20 Collected first installment on common stock subscribed on September 14. 26 Sold 6,600 shares of common stock for $96,000. 28 Collected last installment on common stock subscribed on September 14 and issued the shares.