SITUATION TWO $-24$ points

Instructions remember to record the transactions you have below.

Arnald Company was created with the authorization to issue $10,000$ shares of common stock with a par value of $$10$ and $5,000$ shares of preferred stock with a par value of $$100.$ During the year the following transactions occur.

Mar $1$ Issued $1,000$ shares of $$10$ par value common stock to attorney in payment of bill for $$50,000$ for services performed in helping the company to incorporate.

Mar $10$ Issued $900$ shares of $$10$ par value common stock for $$20$ per share.

Mar $15$ Issued $1,500$ shares of preferred stock, par value of $$100,$ at $$150$ per share.

July $15$ Issued $3,000$ shares of $$10$ par value common stock for $$18$ per share.

Nov $1$ Declared a cash dividends of $$6\mathrm{.}50$ per share to common stock stockholders of record on Nov $20$ and paid on Nov $30.$

Nov $20,$ Record dividend.

Nov $30$ Paid dividend.

Dec $10$ Purchases $1,000$ shares of treasury stock for $$65,000.$

Dec $20$ Issued $2,000$ share of common stock at $$10$ par value for land. Land costing $$200,000.$

Dec $30$ Sold treasury stock, $700$ shares for $$75$ per shares.