Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 10,000 shares of $10 par value common stock for $120,000 cash. 2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be wort $31,500. The stock has a $1 per share stated value. 3. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be wort $31,500. The stock has no stated value. 4. A corporation issued 2,500 shares of $75 par value preferred stock for $219,000 cash. Answer is complete but not entirely correct. No Credit Transaction 1 Debit 120,000 A General Journal Cash Common stock, $10 par value Paid-in capital in excess of par value, Common stock 100,000 20,000