Required information

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

[The following information applies to the questions displayed below.]

Following are the issuances of stock transactions.

1. A corporation issued 2,000 shares of $20 par value common stock for $48,000 cash.

2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to

be worth $21,500. The stock has a $2 per share stated value.

3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to

be worth $21,500. The stock has no stated value.

4. A corporation issued 500 shares of $100 par value preferred stock for $71,500 cash.