Example 2 For each of the following independent equity transactions, prepare the appropriate journal entries.

A. Lost Vikings Corporation issued 300 shares of $10 par value common stock for $4,100.

B. Finley Corporation issued 2,000 shares of its $5 par value common stock for land. The fair market value of the land was $31,000.

C. Powerdrive Corporation issued 2,000 shares of its $10 par value common stock for $70,000. Powerdrive also incurred $1,500 of costs associated with issuing the stock.

D. Popeye Corporation issued 450 shares of $100 par value preferred stock for $61,500.