Corporate reporting and analysis #2

Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par value common stock for $24,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $57,500. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $57,500. The stock has no stated value. 4. A corporation issued 1,000 shares of $25 par value preferred stock for $82,500 cash. Prepare journal entries to record each of the following four separate issuances of stock. Journal entry worksheet Record the issue of 4,000 shares of $5 par value common stock for $24,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $57,500. The stock has a $3 per share stated value. Note: Enter debits before credits. Journal entry worksheet Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $57,500. The stock has no stated value. Note: Enter debits before credits. Journal entry worksheet Record the issue of 1,000 shares of $25 par value preferred stock for $82,500 cash. Note: Enter debits before credits