(Answered) Prepare journal entries to record the following four

Accounting

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

1. A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash.

2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has a $1 per share stated value.

3. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has no stated value.

4. A corporation issued 2,500 shares of $75 par value preferred stock for $244,000 cash.

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