Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par...

 

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Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. Prepare journal entries to record each of the following four separate issuances of stock. Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.

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Answer To prepare journal entries for each of the four separate issuances of stock we need to consid... View the full answer