Nada Corporation is authorized

 

Nada Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions. Jan.15    Issued 520,000 shares of stock at $17 per share.

Jan.30     The company’s attorney accepted 500 shares of common stock as payment for legal
Services rendered in helping the company in corporate. The legal services are estimated to have a value of $12,000.

 

July2       Issued100,000 shares of stock for land. The land had an asking price of $1,900,000. The stock is currently selling on a national exchange at$18 per share.

 

Aug 1     Issued a 2-for-1stock split.

 

Oct 1      Declareda$0.75 per share dividend, payable December 15 to stockholders of record on November 15.

 

Dec 15     Paid the cash dividend.

  

Instructions:  Journalize the transactions for Nada Corporation.