Prepare journal entries to record the following four separate issuances of stock:

1. Issued 80 shares of $5 par value common stock for $700 cash
2. Issued 40 shares of common stock to promoters in exchange for their advertisements valued at $800. The stock has a $1 per share stated value.
3. Issued 40 shares of no-par common stock in exchange for land estimated to be worth $800.
4. Issued 20 shares of common stock with a par value of $30 per share for $900 cash.

5. . Prepare journal entries to account for the following transactions during the current year using the following balances in Stockholders equity:

   Common stock, $10 par, 500 shares authorized, 200 shares issued and outstanding $2,000

   Paid-In Capital in excess of par, common stock $1,000

   Retained Earnings $5,000

   Total Stockholders Equity $8,000

   Jan 10 The board declared a $0.10 cash dividend per share to sharedholders of record on Jan 28

   Feb 15 Paid the cash dividend declared on Jan 10^th

   Mar 31 Declared a 20% stock dividend when the market value of the stock was $18 per share

   May 1 Distributed the stock dividend declared on March 31^st

   Dec 1 Declared a 40% stock dividend when the market value of the stock was $25 per share

   Dec 31 Distributed the stock dividend declared on December 1^st.

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