Required information

Use the following information for Exercises 4-5 below. (Algo)

Skip to question

[The following information applies to the questions displayed below.]

Following are the issuances of stock transactions.

1. A corporation issued 3,000 shares of $20 par value common stock for $72,000 cash.
2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,000. The stock has a $2 per share stated value.
3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,000. The stock has no stated value.
4. A corporation issued 750 shares of $25 par value preferred stock for $47,750 cash.

Exercise 13-4 (Algo) Recording stock issuances LO P1

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