On April 1, 2019, 10,000 shares of $1 par value common stock were issued for $20 per share.

Journalize the transactions

1. On April 1, 2019, 10,000 shares of $1 par value common stock were issued for $20 per share.
   
2. On April 2, 2019, a one year rent for $64,000 a year was signed on a store. The corporation
   paid the entire $64,000 on this date.
   
3. On April 2, 2019 the company borrowed $50,000 from the bank by signing a three year, 8%
   note with interest payable each April 1 (first interest payment due April 1, 2020).
   
4. The company purchased furniture and equipment for $40,000 in cash on April 2, 2019. The
   furniture and equipment has an estimated life of 5 years with no residual value.
   
5. During the 2019 the company purchased $130,000 worth of merchandise for cash.
   
6. Merchandise costing $120,000 was sold for $290,000 in 2019. All sales were cash sales.
   
7. Salaries and wages of $50,000 were paid during 2019.
   
8. Other operating expenses totaled $10,000 in 2019 and were paid in cash.
   
9. Dividends of $1 per share were declared on December 15, 2019 to be paid on January 15,
   

2020.