Question 1 During its first year of operations, Faulkner SE had the following transactions pertaining to its ordinary shares. Jan. 5 Issued 50,000 shares for cash at 5 per share. Aug. 1 Issued 20,000 shares for cash at 9 per share. Sept. 20 Issued 5,000 shares and paid 50,000 in cash to a vendor in exchange for computers. The list price of the computers totaled 98,000 . Dec. 19 Issued 40,000 shares for cash at 10 per share. Instructions (a)Prepare the journal entries for these transactions, assuming that the ordinary shares have a par value of 2 per share (b)Prepare the journal entries for these transactions, assuming that the ordinary shares are on par with a stated value of 4 per share