(1) Equity transactions.

Presented below is information related to Chen Company:

(1) The company is granted a charter that authorizes issuance of 20,000 shares of $45 par value preferred stock and 50,000 shares of no-par common stock.

(2) 12,500 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $225,000. The board establishes a stated value of $6 a share for the common stock.

(3) 7,250 shares of preferred stock are sold for cash at $63 per share.

(4) The company issues 145 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $74 per share.

Instructions Prepare the general journal entries necessary to record these transactions. How would the journal entries change if there was no par value listed on the common stock?