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Prepare journal entries to record the issuances of stock

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Reference no: EM132943275

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.

Question 1: Prepare journal entries to record each of the above four separate issuances of stock.

Reference no: EM132943275

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