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ACCT 301 . . Fall 2020 Assignment #2 Due on Sept 29, 2020 @ 11:59PM #2. (Recording the Issuance of Common and Preferred Stock) - National Gas Corporation was organized on June 1, 2020. It is authorired to issue 100,000 shares of 5%, 5100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year: June 15 - Issued 165,000 shares of common stock for cash at $5 per share. June 30 - Issued 25,000 shares of preferred stock for cash at $102 per share. Aug 15 - Issued 20,000 shares of common stock for a factory building. The asking price of the factory building was $150,000; the appraised value of the factory building was $140,000 Sept. 1 - Issued 200,000 shares of common stock for cash at $7 per share. Oct. 1 - Issued 5,000 shares of common stock to attorneys in payment of their bill of $40,000 for services rendered in helping the company organize. Oct. 15 - Issued 25,000 shares of common stock for cash at $8.50 per share. Nov. 1 - Issued 6,000 shares of preferred stock for cash at $104 per share. Instructions: Prepare the journal entries to record the above transactions. Date Account Debit Credit June 15 . . June 30 August 15 Sept 1 Oct 1 Oct 15 Nov 1

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