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 preferred 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 no stated value. 3. A corporation issued 1,000 shares of $50 par value common stock for machinery that has a fair value of $60,000. View transaction list Journal entry worksheet