Question: During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock . Jan. 10 Issued 80,000 shares for cash

During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock.

Jan. 10 Issued 80,000 shares for cash at $6 per share.

Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.

July 1 Issued 30,000 shares for cash at $8 per share.

Sept. 1 Issued 60,000 shares for cash at $10 per share.

(a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share.

(b) Prepare the journal entries for these transactions, assuming that the common stock is no par with a stated value of $2 per share.

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