Stonehurst Corporation Is Authorized to Issue 100,000 Shares of $5 $\quad$

question 91

Essay

Stonehurst Corporation is authorized to issue 100,000 shares of $5 stated value common stock and 2,000 shares of $100 par value,6 percent preferred stock.Prepare entries in journal form without explanations to record the following transactions:
July $\quad$ 15 $\quad$ Issued 1,000 shares of common stock to an attorney for a bill of $\$ 7,000$ in connection with the organization of the corporation.
$\quad$ $\quad$ 25 $\quad$ Issued 2,000 shares of preferred stock for cash of $\$ 120$ per share.
$\quad$ $\quad$ 27 $\quad$ Issued 10,000 shares of common stock in exchange for land for a plant site valued at $\$ 75,000$ .

Aug. $\quad$ 1 $\quad$ Issued 5,000 shares of common stock for $\$ 35,000$ in cash.

Identify federal, state, and local government transfer programs and their purposes.

Recognize programs available only to specific groups such as low-income families, the elderly, or individuals with disabilities.

Distinguish between different types of tax systems and their impact on income distribution.

Comprehend the funding sources and beneficiaries of the Social Security system.

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Definitions:

Graves Disease

An autoimmune disorder that results in the overproduction of thyroid hormones, causing hyperthyroidism.

Glucocorticoids

A class of steroid hormones that play a role in metabolism, immune response, and stress management, and are used as anti-inflammatory and immunosuppressant medications.

Mineralocorticoids

A class of corticosteroids that help control electrolyte and water balance in the body, primarily produced by the adrenal glands.

Adrenal Cortex

The outer portion of the adrenal gland that produces steroid hormones which regulate metabolism, immune response, and other essential functions.