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Cash and Noncash Share Issuances Chavoy Corporation was organized on July 1. The company's charter...

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Cash and Noncash Share Issuances Chavoy Corporation was organized on July 1. The company's charter authorizes 100,000 shares of $10 par value common stock On August 1, the attorney who helped organize the corporation accepted 800 shares of Chavoy common stock in settlement for the services provided the services were valued at $10,000). On August 15, Chavoy issued 5,000 common shares for $79,000 cash. On October 15. Chavoy issued 3,000 common shares to acquire a vacant land site appraised at $52,000, Prepare the journal entries to record the stock issuances on August 1, Apos 15 and October 15, General Journal Description Credit Aug 1 Debit Date 05 0 0 Common Stock 0 Issued common shares in exchange for legal servicesto help oranice the corporation 0 0 Aug. 15 0 Common Stock . Issued shares for cash on August 15. 0 Oct 15 a Common Stock Issued common shares for land, tion

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