Gorlin Corporation was chartered in the Commonwealth of Massachusetts. The company was authorized…

Gorlin Corporation was chartered in the Commonwealth of Massachusetts. The company was authorized to issue 20,000 shares of $100 par value, 6 percent preferred stock and 100,000 shares of no-par common stock. The common stock has a $2 stated value. The stock-related transactions for the quarter ended October 31, 2014, follow.

Aug. 3

 Issued 20,000 shares of common stock at $22 per share.

 15 Issued 16,000 shares of common stock for land. Asking price for the land was $200,000. Common stock’s market value was $12 per share. Management wishes to record the land at the market value of the stock.

 22 Issued 10,000 shares of preferred stock for $1,000,000. Oct.

 4 Issued 10,000 shares of common stock for $120,000.

10 Purchased 5,000 shares of common stock for the treasury for $13,000.

15 Declared a quarterly cash dividend on the outstanding preferred stock and $0.10 per share on common stock outstanding, payable on October 31 to stockholders of record on October 25.

25 Date of record for cash dividends.

31 Paid the cash dividends declared on October 15


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