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Prepare journal entries to record each of the following four separate issuances of stock. ...

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Accounting

Prepare journal entries to record each of the following four separate issuances of stock.

  1. A corporation issued 5,000 shares of $20 par value common stock for $120,000 cash.
  2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $57,500. The stock has a $2 per share stated value.
  3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $57,500. The stock has no stated value.
  4. A corporation issued 1,250 shares of $75 par value preferred stock for $151,250 cash.

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