Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 9,000 shares of $30 par value common stock for $324,000 cash. 2. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $31,500. The stock has a $1 per share stated value. 3. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $31,500. The stock has no stated value. 4. A corporation issued 2,250 shares of $75 par value preferred stock for $200,250 cash. No Transaction A 1 Cash * Answer is complete but not entirely correct. General Journal Common stock, no-par value Paid-in capital in excess of par value, Common stock B 2 Organization expenses Common stock, no-par value Paid-in capital in excess of stated value, common stock. C 3 Organization expenses Common stock, no-par value D 4 Cash Preferred stock, no-par value Paid-in capital in excess of par value, Common stock Debit Credit 324,000 270,000 54,000 58,500 4,500 54,000 58,500x 58,500 X 283,500x 225,000 x 58,500