1. A corporation issued 5,000 shares of $10 par value common stock for $60,000 cash. 2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,000. The stock has a $2 per share stated value. 3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,000. The stock has no stated value. 4. A corporation issued 1,250 shares of $25 par value preferred stock for $84,250 cash. Answer is complete but not entirely correct. No Transaction General Journal Credit Debit 60,000 Cash Common stock, $10 par value Paid-in capital in excess of par value, Common stock 50,000 10,000 50,500 X Organization expenses Common stock, $2 stated value Paid-in capital in excess of stated value, common stock 5,000 50,500 OOO OO OOO OOO 3 3 48,500 X Organization expenses Common stock, no-par value 48,500 X 142,250 X Cash Preferred stock, $25 par value | Paid-in capital in excess of par value, preferred stock 93,750 48,500