The Lilac Corporation was organized on January 1, 2019. The firm is authorized to issue 160,000 shares of no-par-value common stock with a stated value of $40 per share and 40,000 shares of
$100 par-value, 12 percent preferred stock. Record the selected transactions on page 1 of a general journal. Omit descriptions.
Jan. 1 Issued 1,200 shares of common stock to Jane Doe for $40 a share.
1 Issued 900 shares of preferred stock to Ben Boston at par value.
6 Issued 600 shares of common stock to Maddie Bohne for $48 a share.
10 Received a subscription for 1,600 shares of preferred stock from Lance Davies for
$110 a share, payable in two installments due on the 15th and 31st of January.
15 Received payment of stock subscription installment due from Lance Davies (one-half of the purchase price).
31 Received the balance due on the stock subscription of January 10 from Lance Davies. Issued the stock.

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The Answer of The Lilac Corporation was organized on January 1, 2019. The firm is authorized to issue 160,000 shares of no-par-value common stock with a stated value of $40 per share and 40,000 shares of
$100 par-value, 12 percent preferred stock. Record the selected transactions on page 1 of a general journal. Omit descriptions.
Jan. 1 Issued 1,200 shares of common stock to Jane Doe for $40 a share.
1 Issued 900 shares of preferred stock to Ben Boston at par value.
6 Issued 600 shares of common stock to Maddie Bohne for $48 a share.
10 Received a subscription for 1,600 shares of preferred stock from Lance Davies for
$110 a share, payable in two installments due on the 15th and 31st of January.
15 Received payment of stock subscription installment due from Lance Davies (one-half of the purchase price).
31 Received the balance due on the stock subscription of January 10 from Lance Davies. Issued the stock.

The Lilac Corporation Was Organized on January 1, 2019