W AutoSave On NOT A GRADE (PRACTICE) Saved Search File Home Insert Draw Design Layout References Mailings Review View Help Ryan Banik Comments Editing X O Find Cambria 10 A A Aa Po -2 - v A E Normal No Spacing Heading 1 Heading 2 Replace Paste BI Uab x2 x A A G Dictate Sensitivity Editor Add-ins v H Select Clipboard L Font Paragraph Styles Editing Voice Sensitivity Editor Add-ins 9 4.....3..... 2. . . . . . 1 ....... S Share Practice: 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. Practice: 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. June 1 1 Issued 25,000 shares of common stock for $16 per share. Jan. 1 Issued 600,000 shares of stock at $8 per share. Jan. 31 July 15 Instructions June 30 Declared a cash dividend of $1.50 per share to stockholders of record on June 15. Paid the $1.50 cash dividend. 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. Dec. 1 Dec. 15 Purchased 10,000 shares of common stock for the treasury for $25 per share. Declared a cash dividend on outstanding shares of $3.00 per share to stockholders of record on December 31. 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. A Prepare journal entries to record the above transactions. Date L SE R E NI CF Account DR CR 3/1/22 Date A 1/1/22 L SE R E NI CF Account DR CR Date 6/1/22 A L SE R E NI CF Account DR CR Date A L SE R E NI CF Account DR CR 1/31/22 Date 7/15/22 Page 2 of 2 38F Clear Date 6/30/22 A L SE R E NI CF Account DR CR A L SE R E NI CF Account DR CR 317 words English (United States) Text Predictions: On Accessibility: Good to go Q Search Date 12/1/22 A L SE R E NI CF Account DR CR Date A L SE R E NI CF Account DR CR 12/15/22 DFocus m < 8:04 PM 12/8/2023 68%