Exercise 11-3 Recording stock issuances LO P1

Prepare journal entries to record the following four separate issuances of stock.

A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash.

A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $49,000. The stock has a $1 per share stated value.

A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $49,000. The stock has no stated value.

A corporation issued 1,750 shares of $50 par value preferred stock for $136,500 cash.