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E15-2 (Recording the Issuance of Common and Preferred Stock) Kathleen Battle Corporation was orga- nized 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 Mar.1 Apr. 1

May1 Aug.1

Sept. 1 Nov.1

Issued 80,000 shares of common stock for cash at $5 per share. Issued 5,000 shares of preferred stock for cash at $108 per share. Issued24,000sharesofcommonstockforland.Theaskingpriceofthelandwas$90,000;thefair value of the land was $80,000. Issued 80,000 shares of common stock for cash at $7 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize. Issued 10,000 shares of common stock for cash at $9 per share. Issued 1,000 shares of preferred stock for cash at $112 per share.

Instructions

Prepare the journal entries to record the above transactions

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