Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 4,000 shares of $20 par value common stock for $96,000 cash. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $36,000. The stock has a $2 per share stated value. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $36,000. The stock has no stated value. A corporation issued 1,000 shares of $100 par value preferred stock for $136,000 cash.

A. Record the issue of 4,000 shares of $20 par value common stock for $96,000 cash.

B. Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $36,000. The stock has a $2 per share stated value.

C. Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $36,000. The stock has no stated value.

D. Record the issue of 1,000 shares of $100 par value preferred stock for $136,000 cash.