Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 2,000 shares of $20 par value common stock for $48,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,500. The stock has a $5 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,500. The stock has no stated value. 4. A corporation issued 500 shares of $25 par value preferred stock for $64,000 cash. X Answer is not complete. No Transaction General Journal Debit Credit A 1 Cash 48,000 Paid-in capital in excess of par value, Common stock 48,000 B 2 25,000 X Organization expenses Common stock, $5 par value Paid-in capital in excess of stated value, common stock 5,000 46,500 3 51,500 Organization expenses Common stock, no-par value 25,000 X D 4 Cash 64,000 Preferred stock, $25 par value 51,500 X