Issuance of Shares for Cash, Noncash Consideration, and by Subscription

Essay

Issuance of shares for cash, noncash consideration, and by subscription
Dahomey Corp. is authorized to issue an unlimited number of no par common shares. Prepare the journal entries for the following transactions:
1. Sold 600,000 shares for $ 10 cash each, which was the fair market value of the shares.
2. Issued 80,000 shares and paid $ 140,000 cash in total payment for a piece of land. The market value of the shares had not changed.
3. Received subscriptions for 40,000 shares at $ 18 per share; received 60% of the subscription price in cash.
4. Received the balance of the subscriptions receivable.