Chapter 6 1.) The following transactions occurred for a new company that had common stock with par value of $7. Prepare the necessary journal entries. a) The first 5,000 shares of its common stock are issued for $12 per share in cash. b) Another 200 shares of common stock is issued for equipment that is valued at $6,200. c) The board of directors declares a $3 per share cash dividend d) All dividends are paid. e) A 10% stock dividend is declared and immediately issued. The market price of the stock is $16. f) The next month a 40% stock dividend is declared and immediately issued. The market price has risen to $50 per share