Problem One: Cornbread Stuffing Corporation is authorized to issue 2.000.000 shares of $3 par value common stock. During 2015, 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 July 15 Issued 150,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently Instructions Journalize the transactions for Horner Corporation. helping the company incorporate. The legal services are estimated to have a value of $6.500. selling on a national exchange at $5.80 per share. Date Account DR CR Problem Two: On lJanuary 1.2019, Green Bean Casserole Corporation had 75.000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1 Issued 25,000 shares of common stock for $16 per share. June 1 Declared a cash dividend of $1.50 per share to stockholders of record on June 15. June 30 Paid the $1.50 cash dividend. Dec. 1 Purchased 10,000 shares of common stock for the treasury for $25 per share. Dec. 15 Declared a cash dividend on outstanding shares of $3.00 per share to stockholders of record on December 31. Instructions Prepare journal entries to record the above transactions. DR CR Date Account