Deming Contractors was involved in the following events involving stock during 1997. Prepare entries, if appropriate, for each event, describe how each event affects the basic accounting equation, and explain the economic significance of par value. 1. Authorized to issue:

(a) 100,000 shares of $100 par value, 8 percent preferred stock;

(b) 150,000 shares of no par, $5 preferred stock; and

(c) 250,000 shares of $5 par value, com¬ mon stock. 2. Issued 10,000 shares of $5 par value common stock for $30 per share. 3. Issued 25,000 shares of the $100 par value preferred stock for $150 per share. 4. Issued 50,000 shares of no par preferred stock for $50 each.