Nelda Corporation is authorized to issue 25,000 shares of 5%, $22 par value preferred stock, and 300,000 shares of no-pa

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Nelda Corporation is authorized to issue 25,000 shares of 5%,
$22 par value preferred stock, and 300,000 shares of no-par common
stock with a stated value of $4 per share. The following stock
transactions were completed during its first year.
Instructions
Journalize the following transactions.
Jan. 18 Issued 70,000 shares of common stock
for cash at $7 per share.
Mar. 9 Nelda Corporation purchased 6,000
shares of its own previously issued common stock for cash at $9 per
share.
Apr. 20 Issued 8,000 shares of preferred stock
for cash at $65 per share.
Jul 5 Issued 12,000
shares of common stock for land. The asking price of the land was
$80,000. The company’s estimate of fair value of the land was
$70,000. (Nelda Corporation is a closely held corporation whose
stock is not publicly traded.)
Oct. 15 Issued 30,000 shares of common stock
for cash at $10 per share.
Nov. 8 Nelda Corporation sold its
3,000 shares of treasury stock bought in March for cash at $12 per
share.
Dec. 26 Issued 4,000 shares of preferred stock for
cash at $70 per share.