Kathleen Battle Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 80,000 shares of common stock for cash at $5 per share.

Mar.1 Issued 5,000 shares of preferred stock for cash at $108 per share.

Apr. 1 Issued24, 000shares of common stock for land. The asking price of the land was$90,000; the fair value of the land was $80,000.

May1 Issued 80,000 shares of common stock for cash at $7 per share.

Aug.1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organizes.

Sept. 1 Issued 10,000 shares of common stock for cash at $9 per share.

Nov.1 Issued 1,000 shares of preferred stock for cash at $112 per share.

Instructions

Prepare the journal entries to record the above transactions

The journal entries for Kathleen Battle Corporation would be as following:

Date          Account Title                               Debit           Credit

Jan 10    Cash ( 80,000 shares x $5 )400,000

              Common Stock ( 80,000 shares x $1 )80,000

              Paid-in Capital in Excess of Stated Value

              – Common Stock320,000

Mar 1      Cash ( 5,000 shares x $108 )540,000

              Preferred Stock ( 5,000 shares x $100 )500,000

              Paid-in Capital in Excesss of Par Value

              – Preferred Stock40,000

Apr 1      Land80,000

             Common Stock ( 24,000 shares x $1 )24,000

             Paid-in Capital in Excess of Stated Value

             – Common Stock56,000

               (land will be recordedd at fair value and not at asking price)

May 1     Cash ( 80,000 shares x $7 )560,000

             Common Stock ( 80,000 shares x $1 )80,000

             Paid-in Capital in Excess of Stated Value

             – Common Stock480,000

Aug 1     Organization Expense50,000

              Common Stock ( 10,000 shares x $1 )10,000

              Paid-in Capital in Excesss of Stated Value

            – Common Stock40,000

Sept 1     Cash ( 10,000 shares x $9 )90,000

              Common Stock ( 10,000 shares x $1 )10,000

              Paid-in Capital in Excess of Stated Value

              – Common Stock80,000

Nov 1     Cash ( 1,000 shares x $112 )112,000

              Preferred Stock ( 1,000 shares x $100 )100,000

              Paid-in Capital in Excesss of Par Value

              – Preferred Stock12,000

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