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Question - Recording stock issuances - Following are the issuances of stock transactions.
1. A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash.
2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $37,000. The stock has a $2 per share stated value.
3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $37,000. The stock has no stated value.
4. A corporation issued 750 shares of $25 par value preferred stock for $55,750 cash.
Required - Prepare journal entries to record each of the following four separate issuances of stock.
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