Content Area Stock Issuance (Noncash Assets, Subscriptions, and Treasury Stock) 1. Prepare general journal entries for these transactions, identifying each by letter. If an amount box does not require an entry, leave it blank. Smith & Cline had the following stock transactions during the year: Issued 4,550 shares of common stock with a $7 par value in exchange for real estate (land) with a fair market value of $34,830. Issued 7,950 shares of common stock with a $7 par value and $8 fair market value in exchange for a building with an uncertain fair market value. Received subscriptions for 10,840 shares of $8 par common stock for $92,250. Received a payment of $63,450 on the stock subscription in transaction (c). Received the balance in full for the stock subscription in transaction (c) and issued the stock. Purchased 1,800 shares of its own $8 par common stock for $9 a share. Sold 900 shares of the treasury stock in transaction (f) for $9.65 a share. Sold 900 shares of the treasury stock in transaction (f) for $8.7 a share