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 5,000 shares of $20 par value common stock for $120,000 cash. 2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $24,000. The stock has a $1 per share stated value. 3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $24,000. The stock has no stated value. 4. A corporation issued 1,250 shares of $25 par value preferred stock for $55,250 cash. Answer is not complete. No Transaction Credit Debit 168,000 A 1 General Journal Cash Common stock, $20 par value Pald.in capital in excess of stated value, common stock 140,000 28,000 B 2 21,500 Organization expenses Common stock $1 par value Paid in capital in excess of stated value, common stock 3,500 18,000 3 Organization expenses Common stock, no par value 21.500 21,500 D 4 Cash Preferred stock, 525 par value 65,250 43,750 21.500 . Prev 1 of 8 !!! Next >