! Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 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 $47,500. 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 $47,500. The stock has no stated value. 4. A corporation issued 500 shares of $75 par value preferred stock for $85,000 cash. Prepare journal entries to record each of the following four separate issuances of stock. View transaction list View journal entry worksheet General Journal No Transaction A 1 Cash Common stock, $10 par value Paid-in capital in excess of stated value, common stock Debit Credit 24,000 20,000 4,000