E$13\mathrm{.}3($LO $2)$ During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.

Jan. $10$ Issued $70,000$ shares for cash at $$5$ per share.

July $1$ Issued $40,000$ shares for cash at $$7$ per share.

Instructions

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.