Prepare journal entries to record the following four separate issuances of stock. a. A corporation issued 5,000 shares of $20 par value common stock for $120,000 cash.
b. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,000. The stock has a $2 per share stated value.
c. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,000. The stock has no stated value.
d. A corporation issued 1,250 shares of $100 par value preferred stock for $181,000 cash.