# On December 29, 2019, Hade Company was authorized to issue 100,000 shares of $5 par value... ###### Question: On December 29, 2019, Hade Company was authorized to issue 100,000 shares of$5 par value preferred stock and 600,000 shares of $30 par value common stock. It then completed the following transactions in the month of January 2020: Jan. 6Issues 60,000 shares of common stock at$36 per share for cash.   Jan. 19

Issued 2,000 shares of preferred stock for $70,000 cash. Jan. 26 Exchanged 55,000 share of common stock for the following assets at the indicated fair market values: Land$305,000

Building            $640,000 Machinery$760,000

Required:

A.  Prepare the journal entries to record the above transactions.

B.  Prepare the balance sheet of the company as of January 31, 2020.

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