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Prepare journal entries to record the following four separate issuances of stock. 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 $36,000. 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 $36,000. The stock has no stated value. A corporation issued 2,500 shares of $25 par value preferred stock for $98,500 cash.
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Prepare journal entries to record the following four separate issuances of stock. A corporation issu...
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