Mendoza Corp was organized on JAN 1, 2017

Subject:AccountingPrice:4.87 Bought7

Share With

Mendoza Corp was organized on JAN 1, 2017. It is authorized to issue 20,000 shares of 6%, S40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. These stock transactions were completed during the first year.

Jan10 Issued 100,000 shares of common stock for cash at $3 per share.

Mar.1 Issued 10,000 shares of preferred stock for cash at $55 per share.

Apr.1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000.

May 1Issued 75,000 shares of common stock for cash at $4 per share.

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

Sept.1 Issued 5,000 shares of common stock for cash at $6 per share.

Nov.1 Issued 2,000 shares of preferred stock for cash at S60 per share.

Instructions (a) Journalize the transactions.