1. Handy Products, Inc. recently issued 1,000 shares of no-par common stock. The shares carry a $1 per share stated value. The market price of the shares on the date of issue was $44 per share. The company paid $8,000 in underwriting fees to issue the shares. Prepare the entry to record the new stock issue. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year (1) 2. Choice Associates recently hired Garnier Brothers to develop an online sales system for its consumer products division. The customized online system does not have a readily determinable market value. Garnier wanted to be paid in Choice common shares. As a result, Garnier accepted 11,000 shares of Choice Associates $4 par value common shares. On the date the online system was fully functional, the contract was satisfied and Choice issued the shares to Garnier. Choice shares are not publicly traded but were valued at $130 per share on that date by an investment bank. Because the shares are privately placed, there are no stock issue costs. Prepare the journal entry to record the development of the online system. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year