These independent companies had the following transactions:
a. Long Corporation issued 4,500 shares of its $6 stated value common stock to Jack Smith Realty in exchange for land with a market value of $50,000
b. Short Corporation received $115,000 cash for 10,000 shares of its $10 par preferred stock
c. Middle Corporation issued 7,000 shares of its no-par common stock at $15 per share
a. Long Corporation issued 4,500 shares of its $6 stated value common stock to Jack Smith Realty in exchange for land with a market value of $50,000
b. Short Corporation received $115,000 cash for 10,000 shares of its $10 par preferred stock
c. Middle Corporation issued 7,000 shares of its no-par common stock at $15 per share
Requirement:
Prepare the journal entries for these transactions. Use proper account titles and omit explanations.
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