E-11-4

Exercise Recording stock issuance Prepare journal entries to record each of the following four sepa ate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35.000 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 $40,000. The stock has a si 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 $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60.000 cash