3. On April 10, a company acquired land valued at $58,000 in exchange for 1,000 shares of $50 par
common stock with a current market price of $57. Journalize this transaction.
4. A corporation was organized on January 30 of the current year, with an authorization of 20,000
shares of $3 noncumulative preferred stock, $50 par, and 100,000 shares of $10 par common stock.
1
Journalize the following transactions that were completed during the first year of operations:
Jan. 30 Issued 20,000 shares of common stock at par for cash.
Feb. 24 Issued 20,000 shares of common stock in exchange for land, buildings, and
equipment with fair market prices of $52,000, $125,000, and $48,000
respectively.
Mar. 15 Issued 2,000 shares of preferred stock at $54 for cash.
