Prepare general journal entries on November 12 to record the following issuances of stock by various corporations:

Question:

1. One hundred shares of $\$ 75$ par value common stock are issued for $\$ 30,000$ cash.

2. Fifty shares of no-par common stock are issued to promoters in exchange for their efforts in organizing the corporation. The promoters' efforts are estimated to be worth $\$ 9,500$, and the stock has no stated value.

3. Assume the same facts as in 2 above, except that the stock has a $\$ 10$ stated value.

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