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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. Answer is complete but not entirely correct. No Transaction General Journal Debit Credit A 1 Cash 35,000 Common stock, $5 par value Paid-in capital in excess of par value, Common stock 20,000 15,000 40,000 B 2 Building Common stock, $1 stated value 2,000 38,000 Paid-in capital in excess of stated value, common stock 40,000 3 Cash 40,000 Common stock, no-par value 40,000 B 2. Building Common stock, $1 stated value Paid-in capital in excess of stated value, common stock 2,000 38,000 Cash 40,000 40,000 Common stock, no-par value 60,000 D 4 Cash Preferred stock, $50 par value Paid-in capital in excess of par value, Common stock 50,000 10,000