I would kindly as for an expert`s help, please. I am runningout of time. I am working on this problem for two days now and Iend up mixing up the terms of par, non-par, common, preferred etc.and recording everyting all over the place. I need to turn this intoday. I apologize for the short time frame but I was so sure thatI can figure it out. At this point I have to realize, I definitelyneed help. I appreciate your support, I truly need it right now. Ihave the excel template that I will have to type in the solution, Iwanted to upload it but probably I am too nervous to find theway.

P13-1B

Donelson Corporation was organized onJanuary 1, 2010. It is authorized to issue 20,000 shares of 6%, $40par value preferred stock, and 500,000 shares of no-par commonstock with a stated value of $2 per share. The following stocktransactions were completed during the firstyear.

Jan. 10 Issued 100,000 shares of commonstock for cash at $3 per share.

Mar. 1 Issued 10,000 shares of preferredstock for cash at $55 per share.

Apr. 1 Issued 25,000 shares of commonstock for land. The asking price of the land was $90,000. Thecompany's estimate of fair market value of the land was$75,000.

May 1 Issued 75,000 shares of commonstock for cash at $4 per share.

Aug. 1 Issued 10,000 shares of commonstock to attorneys in payment of their bill for $50,000 forservices provided in helping the companyorganize.

Sept. 1 Issued 5,000 shares of commonstock for cash at $6 per share.

Nov. 1 Issued 2,000 shares of preferredstock for cash at $60 per share.

Instructions

(a) Journalizethe transactions.

(b) Post to thestockholders' equity accounts. (Use J1 as the postingreference.)

(c) Prepare thepaid-in capital section of stockholders' equity at December 31,2010.

Total paid-in capital$1,425,000

I FIGUREDIT OUT!!!