Answer Happy

Problem 1 (10 Points) Jackson Browne Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2021, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $12,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $8 per share. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $7 per share. Sept. 5 Purchased 10,000 shares of common stock for the treasury at $6 per share. Dec. 6 Sold 7,000 shares of the treasury stock at $11 per share. Instructions Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation. You must show your computations to receive full credit. 11 irreases organization expense bu account and $12,000