Question: Question Four - (5 Points) - ILO's (B1, C1) ( out of 5) Rolam Corporation is authorized to issue 100,000 shares of $5 par value

Question Four - (5 Points) - ILO's (B1, C1) ( out of 5) Rolam Corporation is authorized to issue 100,000 shares of $5 par value common stock. In first year, the company has the following stock transactions. Jan 10 Issued 40,000 shares of stock at $8 per share. July 1 Issued 10,000 shares of stock for land. The land had an asking price of $90,000. The stock is currently selling on a national exchange at $8.25 per share. July 28 Issued 10,000 shares of preferred stock at $12 per share Sep Purchased 10,000 shares of common stock for the treasury at $9 per share. Dec 1 Sold 4,000 shares of treasury stock at S10 per share. Instructions: Journalize the transactions Date Account Debit Credit Jan 10 July 1 July 28 Sep 1 Dec 1

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