Prepare journal entries to record the following four separate issuances of stock: Exercise 11-3 1. Two thousand shares of no-par common stock are issued to the corporation’s promoters in ex- Recording stock issuances change for their efforts, estimated to be worth $30,000. The stock has no stated value. PI 2. Two thousand shares of no-par common stock are issued to the corporation’s promoters in ex¬

change for their efforts, estimated to be worth $30,000. The stock has a $1 per share stated value.

3. Four thousand shares of $10 par value common stock are issued for $70,000 cash.

4. One thousand shares of $100 par value preferred stock are issued for $120,000 cash.