The Vogel and Wallis Corporation is authorized to issue 15,000 shares of 10%, $50 par value preferred stock and 60,000 shares of $5 par value common stock. Following is a narrative of selected transactions completed during the first month after incorporation.
June 1
The incorporators accepted subscriptions for 5,000 shares of preferred stock at $55 per sharE.8
The incorporators accepted subscriptions for 16,000 shares of common stock at $6 per sharE.12
Subscribers of the preferred stock paid $75,000 cash and land valued at $200,000 in full settlement of the subscriptions.
12
Subscribers of the common stock paid $21,000 cash, a $45,000 building, and equipment worth $30,000 in full settlement of the subscriptions.
Required:
Prepare the journal entries necessary for the transactions.

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The Answer of The Vogel and Wallis Corporation is authorized to issue 15,000 shares of 10%, $50 par value preferred stock and 60,000 shares of $5 par value common stock. Following is a narrative of selected transactions completed during the first month after incorporation.
June 1
The incorporators accepted subscriptions for 5,000 shares of preferred stock at $55 per sharE.8
The incorporators accepted subscriptions for 16,000 shares of common stock at $6 per sharE.12
Subscribers of the preferred stock paid $75,000 cash and land valued at $200,000 in full settlement of the subscriptions.
12
Subscribers of the common stock paid $21,000 cash, a $45,000 building, and equipment worth $30,000 in full settlement of the subscriptions.
Required:
Prepare the journal entries necessary for the transactions.

The Vogel and Wallis Corporation Is Authorized to Issue 15,000