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

1. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has no stated value.

2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has a $2 per share stated value.

3. A corporation issued 5,000 shares of $30 par value common stock for $180,000 cash.

4. A corporation issued 1,250 shares of $100 par value preferred stock for $168,500.cash.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9431051

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