During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.

A. Journalize the transactions, assuming that the common stock has a par value of $5 per share.

B. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

Date E11-3 Date 2 Jan. 10 July 1 (b) 10 Jan 10 11 12 13 14 July 1 18 19 Page 585 Account Titles Debit Foyle Corporation Credit 10 11 12 14 15 16 18 19 Jan. 10 Issued 70,000 shares for cash at $5 per share. July 1 Issued 40,000 shares for cash at $7 per share