Reference no: EM13899431

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

1. A corporation issued 4,000 shares of $ 5 par value common stock for $ 35,000 cash. 
2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $ 40,000. The stock has a $ 1 per share stated value. 
3. A corporation issued 2,000 shares of no par common stock to its promoters in exchange for their efforts, estimated to be worth $ 40,000. The stock has no stated value. 
4. A corporation issued 1,000 shares of $ 50 par value preferred stock for $ 60,000 cash.