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Prepare journal entries to record the issuances of stock

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

1. A corporation issued 3,000 shares of $20 par value common stock for $72,000 cash.

2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $50,000. The stock has a $3 per share stated value.

3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $50,000. The stock has no stated value.

4. A corporation issued 750 shares of $50 par value preferred stock for $87,500 cash.

Reference no: EM132254677

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