Reference no: EM132570064

Question - Prepare journal entries to record the following four separate issuances of stock. And journalise the transaction.

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.

Journalize the transactions.