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

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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.

Exercise 11-4 (Static) Recording stock issuances LO P1

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