[destiny19700]

AP13-1A
Franco Corporation was organized on January 1, 2010. It is authorized to issue 11,100 shares of 8%, $100 par value preferred stock, and 534,500 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 76,710 shares of common stock for cash at $4 per share.
Mar. 1 Issued 4,520 shares of preferred stock for cash at $110 per share.
Apr. 1 Issued 23,050 shares of common stock for land. The asking price of the land was $85,950. The fair market value of the land was $80,990.
May 1 Issued 77,490 shares of common stock for cash at $6.70 per share.
Aug. 1 Issued 10,550 shares of common stock to attorneys in payment of their bill of $42,220 for services provided in helping the company organize.
Sept. 1 Issued 11,350 shares of common stock for cash at $8 per share.
Nov. 1 Issued 1,530 shares of preferred stock for cash at $113 per share.

[pready]

What is your question? This problems deals with journalizing transactions of Preferred and Common Stock.

For example: transaction on Jan 10;
Debit Cash for total amount of Cash received
Credit Common Stock for the naumber of shares isued * stated value of the stock
Credit Additional Paid-in Capital for the difference between your two amounts (also number of shares issued * the difference between the selling price and the stated price of the stock).