McNally Company was issued a charter in January 2003, which authorized 100.000 shares of common stock with a par value of $25. During 2003. the following selected transactions occurred in the order given:

a. Sold 9.000 shares of the stock for cash at $60 per share. Collected the cash and issued the stock immediately.

b. Acquired land to be used as a future plant site: made payment in full by issuing 600 shares of stock.

Assume a market value per share of $66.

Required: 1. Record the issuance of stock. 2. How would your previous answer change if

(a) the stock was no-par. and

(b) the stock had a stated value of $15 per share? 3. Does the type of stock issued (par. no-par. or stated value) affect the recorded value of the land?

Explain. 4. Should a stockholder care whether a company issues par. no-par. or stated value stock? Explain.