Several independent transactions are listed below. Prepare journal entries for each transaction. 1. 10,000 shares of no-par common stock are issued for $50 per share. 2. 10,000 shares of $1 par value common stock are issued for $40 per share. 3. 10,000 shares of $10 par value common stock are issued for $30 per share. 4. 5,000 shares of no-par preferred stock are issued for $80 per share. 5. What is the significance of par value from a financial accounting standpoint? Is par value significant in any economic sense?