Geddy Corporation began operations on January 1, 2010. The following transactions relating to stockholders’ equity occurred in the first month of operations.
2010
Jan. 1 Authorized the issuance of 5 million shares of no-par value common stock.
Jan. 2 Issued 350,000 shares of common stock for $14 cash per share.
Jan. 3 Issued 2,000 shares to the company’s founders for organization activities valued at $28,000.
Jan. 14 Issued 6,000 shares in exchange for land valued at $84,000.
Required
1. Prepare journal entries to record each of these transactions for January 2010.
2. Prepare the stockholders’ equity section of the company’s balance sheet as of January 31, 2010.
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