Hayslett Corp was organized on Jan. 1,2006. It is authorized to issue 20,000 shares of 6%m $50 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;march 1-issued 10,000 shares of preferred stock for cash at $55 per share;april 1-issued 25,000 shares of common stock for land. the asking price of the land was $90,000. the company's estimate of the fair market value of the land was $85,000.;may 1- issued 75,000 shares of common stock for cash at $4 per share;aug 1-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.;sept 1- issued 5,000 shares of common stock for cash at $6 per share;nov 1- issued 2,000 shares of preferred stock for cash at $58 per share;Instructions;a. journalize the transactions;b. post to the stockholders equity accounts.;c. prepare the paid in capital section of stockholders equity at dec. 31, 2006.
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