Entries for issuing stock Obj. 2 On August 26, Mountain Realty Inc. issued for cash 120,000 shares of no-par common stock (with a stated value of $5) at $8. On October 1, Mountain Realty issued at par value 40,000 shares of preferred 1% stock, $10 par for cash. On November 30, Mountain Realty issued for cash 18,000 shares of preferred 1% stock, $10 par at $13.

Journalize the entries to record the August 26, October 1, and November 30 transactions.

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