Exercise #1

Loretta Corporation issued 1,000 shares of stock.

Instructions

Prepare the entry for the issuance under the following assumptions.

(a)	The stock had a par value of $5 per share and was issued for a total of $48,000.
(b)	The stock had a stated value of $5 per share and was issued for a total of $48,000.

(c)	The stock had no par or stated value and was issued for a total of $48,000.
(d)	The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $48,000.

(e)	The stock had a par value of $5 per share and was issued for land worth $48,000.