E$15-1($Recording the Issuances of Common Stock$)$ During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock.

Jan. $10$ Issued $80,000$ shares for cash at $$6$ per share.

Mar. $1$ Issued $5,000$ shares to attorneys in payment of a bill for $$35,000$ for services rendered in helping the company to incorporate.

July $1$ Issued $30,000$ shares for cash at $$8$ per share.

Sept. $1$ Issued $60,000$ shares for cash at $$10$ per share,

Instructions

$($a$)$ Prepare the journal entries for these transactions, assuming that the common stock has a par value of $$3$ per share.

$($b$)$ Prepare the journal entries for these transactions, assuming that the common stock is no$-$par with a stated value of $$2$ per share