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Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $39,000. The stock has a $1 per share stated value. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $39,000. The stock has no stated value. A corporation issued 1,750 shares of $50 par value preferred stock for $126,500 cash. Credit View transaction list View journal entry worksheet No Transaction General Journal 1 1 Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock Debit 168,000 140,000 28,000 2 2 25,000 Organization expenses Common stock, $1 stated value Paid-in capital in excess of stated value, common stock 3,500 21,500 3 3 Organization expenses Common stock, no-par value 25,000 25,000 4 4 Cash Preferred stock, $50 par value Paid-in capital in excess of par value, preferred stock 156,250 131,250 25,000