Use the following information for Exercises 4-5 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. A corporation issued 10,000 shares of $10 par value common stock for $120,000 cash. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has a $1 per share stated value. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has no stated value. A corporation issued 2,500 shares of $50 par value preferred stock for $170,500 cash.

Exercise 11-4 (Algo) Recording stock issuances LO P1

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