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

Accounting Sep 24, 2020


Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,000. The stock has no stated value. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,000. The stock has a $1 per share stated value. 3. A corporation issued 4,000 shares of $10 par value common stock for $70,000 cash. 4. A corporation issued 1,000 shares of $100 par value preferred stock for $120,000 cash. 
 

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