1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em.... Paragraph Styles Question 8 Rolman Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In its first year, the company has the following stock transactions. Jan. 10 July 1 stock is currently selling on a national exchange at $8.25 per share. Sept. 1 Dec. 1 Instructions (a) Journalize the transactions (b) Prepare the stockholders' equity section assuming the company had retained earnings of $200,000 at December 31. Issued 400,000 shares of stock at $8 per share. Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The Purchased 10,000 shares of common stock for the treasury at $9 per share. Sold 4,000 shares of the treasury stock at $10 per share