Required information Record the issue of 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $22,000. The stock has a $1 per share stated value. Note: Enter debits before credits. Transaction General Journal 2 Organization expenses Common stock, $1 stated value Paid-in capital in excess of par value, Common stock Debit Credit 50,000 4,500 45,500