Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 5,000 shares of $20 par value common stock for $120,000 cash. 2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $46,500. The stock has a $2 per share stated value. 3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $46,500. The stock has no stated value. 4. A corporation issued 1,250 shares of $50 par value preferred stock for $109,000 cash. Answer is complete but not entirely correct. No Transaction Debit Credit A 1 120,000 General Journal Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock 100,000 20,000 B 2 57,500 Organization expenses Common stock, $2 stated value Paid-in capital in excess of stated value, common stock 5.000 2,500 X 3 57,500 Organization expenses Common stock, no-par value 57,500 X D 4 151,250 X Cash Preferred stock, no-par value Paid-in capital in excess of par value, preferred stock X 93,750 X 57,500