Help Save & Exit Check my Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash. 2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $21,000. The stock has a $0 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 worth $21,000. The stock has no stated value 4. A corporation issued 2,500 shares of $75 par value preferred stock for $208,500 cash. View transaction list Journal entry worksheet o search Journal entry worksheet Record the issue of 10,000 shares of $20 par value common stock for $240,000 cash. Note: Enter debits before credits. Debit Credit Transaction 1 240,000 General Journal Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock 200,000 40,000 Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet Journal entry worksheet h O BE Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the updated stockholders' equity section after the distribution is made. SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 Paid-in capital in excess of par value, common stock $ Common stock-$10 par value Retained earnings Total stockholders' equity $ 200,000 200,000 o search Required information (2) Compute the number of snares outstanding arter the distribution is made. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of shares outstanding after the distribution is made. Number of common shares outstanding 120,000