Transactions summarized in the trial balance

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Issuing stock

Wildwood Nursery, with an authorization of 50,000 shares of preferred stock and 400,000 shares of common stock, completed several transactions involving its stock on June 1, the first day of operations. The trial balance at the close of the day follows:

Cash

1,584,000


Land

350,000


Buildings

910,000


Preferred 3% Stock, $120 par


1,200,000

Paid-In Capital in Excess of Par-Preferred Stock


60,000

Common Stock, $50 par


1,500,000

Paid-In Capital in Excess of Par-Common Stock


84,000


2,844,000

2,844,000

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Journalize the two entries to record the transactions summarized in the trial balance.

Reference no: EM13534084

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