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QUESTION THREE A (2) (6 Marks) Horner Corporation is authorized to issue 1,000,000 ordinary shares with a $5 par value. During 2014, its first year of operation, the company has the following share transactions. Jan. 1 Issued 500,000 ordinary shares at $7 per share Jan 15 Paid the government $2,000 for incorporation fees Jan. 30 Attorneys for the company accepted 500 ordinary shares as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $5,000 July 2 Issued 100,000 shares for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept. 5 Purchased 15,000 shares for the treasury at $10 per share Dec. 6 Sold 11,000 treasury shares at $11 per share Instructions Journalize the transactions for Horner Corporation

          QUESTION THREE A (2) (6 Marks)
Horner Corporation is authorized to issue 1,000,000 ordinary shares with a $5 par value. During 2014, its first year of operation, the company has the following share transactions.
Jan. 1 Issued 500,000 ordinary shares at $7 per share
Jan 15 Paid the government $2,000 for incorporation fees
Jan. 30 Attorneys for the company accepted 500 ordinary shares as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $5,000
July 2 Issued 100,000 shares for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.
Sept. 5 Purchased 15,000 shares for the treasury at $10 per share
Dec. 6 Sold 11,000 treasury shares at $11 per share
Instructions
Journalize the transactions for Horner Corporation

QUESTION THREE A (2) (6 Marks)
Horner Corporation is authorized to issue 1,000,000 ordinary shares with a 5 par value. During 2014, its first year of operation, the company has the following share transactions.
Jan. 1 Issued 500,000 ordinary shares at7 per share
Jan 15 Paid the government 2,000 for incorporation fees
Jan. 30 Attorneys for the company accepted 500 ordinary shares as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of5,000
July 2 Issued 100,000 shares for land. The land had an asking price of 900,000. The stock is currently selling on a national exchange at8 per share.
Sept. 5 Purchased 15,000 shares for the treasury at 10 per share
Dec. 6 Sold 11,000 treasury shares at11 per share
Instructions
Journalize the transactions for Horner Corporation

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