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Hayslett Corporation was organized on January 1, 2008.
Jan. 10 Issued 80,000 shares of common stock for cash at $3 per share.
Mar. 1 Issued 10,000 shares of preferred stock for cash at $45 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 the fair market value of the land was $75,000.
May 1 Issued 75,000 shares of common stock for cash at $4 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill for $44,000 for services provided 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 $48 per share.
a) Journalize the transactions.
b) post to the stockholder s equity accounts.( use J1 as the posting reference )
c) Prepare the paid in capital section of stockholder s equity at December 31,2008.
