Abernathy Corporation Was Organized On January 1 2010 It Is

Abernathy Corporation was organized on January 1, 2010. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock, and 500,000 shares of no par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 80,000 shares of common stock for cash at $5 per share.

Mar. 1 Issued 5,000 shares of preferred stock for cash at $108 per share.

Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000; the fair market value of the land was $80,000.

May 1 Issued 80,000 shares of common stock for cash at $7 per share.

Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize.

Sept. 1 Issued 10,000 shares of common stock for cash at $9 per share.

Nov. 1 Issued 1,000 shares of preferred stock for cash at $112 per share.

Prepare the journal entries to record the above transactions.

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