Exercise 13-4 Recording stock issuances LO P1 18 Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 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 $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. No Transaction Credit Answer is not complete General Journal Cash Paid in capital in excess of par value, Common stock Common dividend payable 1 Debit 35,000 15,000 20,000 B 2 Common stock, no par value Pald.in capital in excess of par value, Common stock Common dividend payable 40,000 38,000 2,000 : : 3 Cash Paid-in capital in excess of par value preferred stock Preferred stock, no par value 60,000 3 83 10,000 50,000 XX 4 Cash Paid-in capital in excess of par value preferred stock Preferred stock. 550 par value 60,000 OO