Exercise 15-2 Your answer is partially correct. Try again. Vaughn Corporation was organized on January 1, 2017. It is authorized to issue 10,800 shares of 8%, $100 par value preferred stock, and 506,500 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Issued 80,520 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $109 per share. Issued 24,310 shares of common stock for land. The asking price of the land was $91,620; the fair value of the land was $80,520. Issued 80,520 shares of common stock for cash at $8 per share. Issued 10,800 shares of common stock to attorneys in payment of their bill of $52,900 for services rendered in helping the company organize. Issued 10,800 shares of common stock for cash at $10 per share. Issued 900 shares of preferred stock for cash at $123 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit T Jan. 10 Cash Common Stock 80,520 Paid-in Capital in Excess of Par - Common Stock 402,600 Mar. 1 * (cash 599,500 Paul Copical LACOSS UI pal" CULTTUU JUULI 102,000 7 Mar. 1 &'Cash 500 | Preferred Stock 550,000 Paid-in Capital in Excess of Par - Preferred Stock 49500 620 Common Stock 24,310 Paid-in Capital in Excess of Par - Common Stock 67,310 T May 1 Cash | Common Stock 80,520 Paid-in Capital in Excess of Par - Common Stock 563,640 1 Organization Expense Common Stock 10,800 Paid-in Capital in Excess of Par - Common Stock 42,100 TAug. 1 Organization Expense 52,900 T Common Stock 10,800 Paid-in Capital in Excess of Par - Common Stock 42,100 Sept. 18 cash Common Stock 10,800 I cu CETTE FLUGHTHGU Paid-in Capital in Excess of Par - Common Stock Common Stock 1 1 Nov. 1 Cash Preferred Stock 90,000 Paid-in Capital in Excess of Par - Preferred Stock 20,700 Click if you would like to Show Work for this question: Open Show Work