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 Isued 4,000 shares of $10 par value common stock for $48,000 cash. 2. A corporation Issued 2,000 shares of no-par common stock to Its promoters In exchange for their efforts, estimated to be worth $45,000. The stock has a $2 per share stated value. 3. A corporation Issued 2,000 shares of no-par common stock to Its promoters In exchange for thelr efforts, estimated to be worth $45,000. The stock has no stated value. 4. A corporation Issued 1,000 shares of $75 par value preferred stock for $120,000 cash. Answer is not complete. No Transaction General Journal Debit Credit 48.000 Cash Common stock, $10 par value 40.000 Paid-in capital in excess of par value, Common stock 2 Organization expenses 45,000 2,000 X Common stock, $2 stated value 43,000 X Paid-in capital in excess of stated value, common stock 45,000 Organization expenses Common stock, no-par value 45.000 Cash 4 120,000 Preferred stock, $75 par value 75,000 45.000 Paid-in capital in excess of par value, preferred stock