Problem $5($LO $3)$ PAR AND NO$-$PAR, COMMON AND PREFERRED STOCK

Required:

Prepare journal entries for the following stock transactions. Using a general journal, label the entries $($a$)$ through $($h$).$

$($a$)$ Issued $10,000$ shares of $$4$ par common stock for $$40,000$ cash.

$($b$)$ Issued $4,000$ shares of $$4$ par common stock for $$17,200$ cash.

$($c$)$ Issued $3,000$ shares of $$10$ par, $8\%$ preferred stock for $$32,000$ cash.

$($d$)$ Issued $3,300$ shares of no$-$par common stock for $$15,000.$

$($e$)$ Issued $6,000$ shares of no$-$par common stock with a stated value of $$5$ per share for $$30,000$ cash.

$($f$)$ Issued $4,800$ shares of no$-$par common stock with a stated value of $$5$ per share for $$25,500$ cash.

$($g$)$ Issued $10,000$ shares of $$5$ par common stock for land with a fair market value of $$50,000.$

$($h$)$ Issued $8,000$ shares of $$5$ par common stock for a truck with a fair market value of $$41,500.$