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P12-1A Hayslett Corporation was organized on January 1, 2006

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P12-1A Hayslett Corporation was organized on January 1, 2006. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Instructions
a) Journalize the transactions.
b) Post to the stockholders' equity accounts
c) Prepare the paid-in capital section of stockholders' equity at December 31, 2006.