E15.2 (LO 1) (Recording the Issuance of Common and Preferred Stock) Kathleen Battle Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,000 shares of common stock for cash at $5 per share. Mar. 1 Issued 5,000 shares of preferred stock for cash at $108 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000; the fair value of the land was $80,000. May 1 Issued 80,000 shares of common stock for cash at $7 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize. Sept. 1 Issued 10,000 shares of common stock for cash at $9 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $112 per share.

Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 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 Mar. 1 Issued 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22.000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. May 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Aug. 1 Sept. 1 Nov. 1 Issued 11.000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 1,000 shares of preferred stock for cash at $113 per share.

On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?

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E15.2B (L0 1) (Recording the Issuance of Common and Preferred Stock) National Gas Corporation was organized on June 1, 2020. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year: June 15 Issued 165,000 shares of common stock for cash at $5 per share.June 30 Issued 25,000 shares of preferred stock for cash at $102 per share.Aug. 15 Issued 20,000 shares of common stock for a factory building. The asking price of the factory building was $150,000; theappraised value of the factory building was $140,000.Sept. 1 Issued 200,000 shares of common stock for cash at $7 per share.Oct. 1 Issued 5,000 shares of common stock to attorneys in payment of their bill of $40,000 for services rendered in helping thecompany organize.Oct. 15 Issued 25,000 shares of common stock for cash at $8.50 per share.Nov. 1 Issued 6,000 shares…