Question
[The following information applies to the questions displayed below.] Following are the issuances of stock transactions. A corporation issued 10,000 shares of $20 par value
[The following information applies to the questions displayed below.] Following are the issuances of stock transactions. A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,500. The stock has a $1 per share stated value. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,500. The stock has no stated value. A corporation issued 2,500 shares of $25 par value preferred stock for $97,000 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation specifically, identify the accounts and amounts (including + or ) for each transaction.
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