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P13-1B Joanjim Corporation was organized on January 1, 2012. It is authorized to issue 20,000...

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P13-1B Joanjim Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares of 6%, 340 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 100,000 shares of common stock for cash at $3 per share. Mar. issued 10,000 shares of preferred stock for cash at $55 per share. Apr. 1 May Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000. Issued 75.000 shares of common stock for cash at $4 per share. Aug. Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize. Issued 5,000 shares of common stock for cash at $6 per share. Sept. Nov. Issued 2,000 shares of preferred stock for cash at $60 per share. Instructions (a) Joumalize the transactions. (b) Post to the stockholders' equity accounts. (Use Jl as the posting reference.) (c) Prepare the paid-in capital section of stockholders' equity at December 31, 2012 P13-2B

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