Problem One: Last Homework Corporation is authorized to issue 2,000,000 shares of $3 par value common...

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Problem One: Last Homework Corporation is authorized to issue 2,000,000 shares of $3 par value common stock. During 2022, 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. July 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. 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 $5.80 per share. Instructions Journalize the transactions for Cornbread Stuffing Corporation. Date ALSE RENI CF Account DR CR 1/1/22 Date ALSE RENI CF Account DR CR 1/31/22 Date ALSE RENI CF Account DR CR 7/15/22 Problem Two: On January 1, 2022, It Is Finished 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. Declared a cash dividend of $1.50 per share to stockholders of record on June 15. June 1 June 30 Dec. 1 Dec. share. Paid the $1.50 cash dividend. Purchased 10,000 shares of common stock for the treasury for $25 per 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. Date 3/1/22 ALSE RENI CF Account DR CR Date Account DR CR 6/1/22 Date ALSE RENI CE Account DR CR 6/30/22 Date Account DR CR 12/1/22 Date ALSE RENI Account DR CR 12/15/22 Problem One: Last Homework Corporation is authorized to issue 2,000,000 shares of $3 par value common stock. During 2022, 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. July 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. 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 $5.80 per share. Instructions Journalize the transactions for Cornbread Stuffing Corporation. Date ALSE RENI CF Account DR CR 1/1/22 Date ALSE RENI CF Account DR CR 1/31/22 Date ALSE RENI CF Account DR CR 7/15/22 Problem Two: On January 1, 2022, It Is Finished 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. Declared a cash dividend of $1.50 per share to stockholders of record on June 15. June 1 June 30 Dec. 1 Dec. share. Paid the $1.50 cash dividend. Purchased 10,000 shares of common stock for the treasury for $25 per 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. Date 3/1/22 ALSE RENI CF Account DR CR Date Account DR CR 6/1/22 Date ALSE RENI CE Account DR CR 6/30/22 Date Account DR CR 12/1/22 Date ALSE RENI Account DR CR 12/15/22