The Lompoc Corporation is authorized to issue 500,000 shares of $4 par-value common stock and 100,000 shares of 6 percent, $100 par-value preferred stock. Record the following transactions on page 1 of a general journal. Omit descriptions.
Jan. 1 The corporation issued 10,000 shares of common stock to Charles Bogle for $30 per share, purchased with cash.
2 Issued 5,000 shares of preferred stock to Floyd Merkle for $110 per share, purchased with cash.
2 Paid the attorney $1,200 for legal fees, charter fee, and cost of engraving stock certificates.

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The Answer of The Lompoc Corporation is authorized to issue 500,000 shares of $4 par-value common stock and 100,000 shares of 6 percent, $100 par-value preferred stock. Record the following transactions on page 1 of a general journal. Omit descriptions.
Jan. 1 The corporation issued 10,000 shares of common stock to Charles Bogle for $30 per share, purchased with cash.
2 Issued 5,000 shares of preferred stock to Floyd Merkle for $110 per share, purchased with cash.
2 Paid the attorney $1,200 for legal fees, charter fee, and cost of engraving stock certificates.

The Lompoc Corporation Is Authorized to Issue 500,000 Shares of $4