Reference no: EM133129552

Question - Stated Value, Common and Preferred Stock, and Noncash Assets Kris Kraft Stores had the following stock transactions during the year:

(a) Issued 3,900 shares of no-par common stock with a stated value of $10 per share for $39,000 cash.

(b) Issued 5,900 shares of no-par common stock with a stated value of $8 per share for $49,300 cash.

(c) Issued 4,900 shares of no-par, 6% preferred stock with a stated value of $15 per share for $73,500 cash.

(d) Issued 10,300 shares of $5 par common stock for land with a fair market value of $51,500.

(e) Issued 10,400 shares of $7 par common stock with a $9 fair market value for a building with an uncertain fair market value.

(f) Issued 8,300 shares of $50 par, 8% preferred stock for land with a fair market value of $420,130.

Required - Prepare general journal entries for these transactions, identifying each by letter.