Question - United Rentals Corporation is authorized to issue 100,000 shares of 5%, $60 par value preferred stock and 5,000,000 shares of no-par common stock with a stated value of $3 per share. During 2016, its first year of operation, the company has the following transactions.
Jan. 1 Issued 15,000 shares of preferred stock for cash at $105 per share.
Jan. 15 Issued 500,000 shares of common stock for cash at $10 per share.
Mar. 2 Issued 20,000 shares of common stock for land. The land had an asking price of $310,000. The stock is currently selling on a national exchange at $15 per share.
Apr. 30 Issued 4,000 shares of common stock to attorneys in payment of their bill for $72,000 for legal services rendered in helping the company incorporate.
Sept. 5 Purchased 12,000 shares of its own common stock at $17 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $20 per share.
Dec. 10 Sold the remaining treasury stock for $15 per share.
INSTRUCTIONS - Journalize the transactions for United Rentals Corporation.