Chapter $10$ problem $1$

Last Homework Corporation is authorized to issue $2,000,000$ shares of $$3$ par value common stock. During $2024,$ its first year of operation, the company had the following stock transactions.

Jan. $1$ Issued $600,000$ shares of stock at $$8$ per share.

Jan. $31$ Attorneys for the company accepted $1,500$ shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $$6,500.$

July $15$ Issued $150,000$ shares of stock for land. The land had an asking price of $$900,000.$ The stock is currently selling on a national exchange at $$5\mathrm{.}80$ per share.

Instructions

Journalize the transactions for Last Homework Corporation.

$\backslash$table$[[$Date$,$A$,$L$,$SE$,$R$,$E$,$NI$,$CF$,$Account,DR$,$CR$],[$Jan $1,+/-4\mathrm{.}8$ mil,,,,,,,,$+$IA$,$Common Stock$]]$