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Wyrick Company was just incorporated in North Carolina and was granted a charter. The state...

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Accounting

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Wyrick Company was just incorporated in North Carolina and was granted a charter. The state authorized the issuance of 15,000 shares of 100 par value preferred stock and 40,000 shares of $10 par common stock The company had the following transactions 12,000 shares of common stock were issued to the founders of the corporation in exchange for land valued at $400,000 1 2 . 3. 6,000 shares of preferred stock were sold for cash at $110 per share. The company sold 5,000 shares of common stock for $22 per share The corporation issued 1,000 shares of common stock to its attorney for cost associated with starting the company. The stock was selling for $50 per share at that time 4 Instructions: Record the entries for the above four transactions

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