Required Information

Use the following information for Exercises $4-5$ below. $($Algo$)$

$[$The following information applles to the questions displayed below.$]$

Following are the issuances of stock transactions.

A corporation issued $5,000$ shares of $$10$ par value common stock for $$60,000$ cash.

A corporation issued $2,500$ shares of no$-$par common stock to Its promoters in exchange for thelr efforts, estimated

to be worth $$58,000.$ The stock has a $$2$ per share stated value.

A corporation issued $2,500$ shares of no$-$par common stock to Its promoters in exchange for thelr efforts, estimated

to be worth $$58,000.$ The stock has no stated value.

A corporation Issued $1,250$ shares of $$100$ par value preferred stock for $$183,000$ cash.

Exercise $11-4($Algo$)$ Recording stock issuances LO P$1$

Prepare journal entrles to record each of the following four separate issuances of stock.

Journal entry worksheet

Record the issue of $5,000$ shares of $$10$ par value common stock for $$60,000$

cash.

Note: Enter debits before credits.