(37 points) The following transactions relate to the stockholders' equity transactions of Lindsay Corporation for its initial year of existence.
(a) Jan. 7 Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of $50 par value preferred stock and 200,000 shares of $1 par value common stock. No shares were issued yet.
(b) Jan. 28 40,000 shares of common stock are issued for $14 per share.
(c) Feb. 3 70,000 shares of common stock are issued in exchange for land and buildings that have a fair market value of $250,000 and $1,000,000, respectively.
(d) Feb. 24 2,000 shares of common stock are issued to Shane and Winston, Attorneys-at-Law, in payment for legal services rendered in connection with incorporation. The company charged the amount to organization costs. The market value of the stock was $16 per share.
(e) Sep. 12 Received subscriptions for 10,000 shares of preferred stock at S61 per share. A 40 percent down payment accompanied the subscriptions. The balance is due on October 1.
(f) Oct. 1 Received the final payment for 10.000 shares of preferred stock.
Prepare journal entries in good form to record the foregoing transactions for the year 2015.
2. (10 points) On August 10, Jameson Corporation reacquired 5,000 shares of its $10 par value common stock at $14 each. The stock was originally issued at $11. The shares were resold on November 21 at $15.
Provide the entries required to record the reacquisition and the subsequent resale of the stock using the Cost
