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

1. a corporation issued 4,000 shares of $5 par value common stock for $35,000 cash.

record the issue of 4,000 shares of $5 par value common stock for $35,000 cash.2. a corporation issued 2,000 shared 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.

record the issue of 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 corportation 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 stated no value.

record the issue of 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.

record the issue of 1,000 shares of $50 par value preferred stock for $60,000 cash.

Explanation:

The journal entries are shown below:

1.  Cash A/c Dr $35,000        

           To Common Stock $20,000          (4,000 shares  × $5)

           To  Additional Paid-in Capital in excess of par - Common Stock $15,000

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

2. Promotion expenses A/c Dr $40,000

             To Common Stock $2,000          (2,000 shares  × $1)

             To  Additional Paid-in Capital in excess of par - Common Stock $15,000

(Being the issuance of stock is recorded to promoters and the remaining balance is credited to the additional paid-in capital account)

3. Promotion expenses A/c Dr $40,000

             To Common Stock $40,000

(Being the shares are issued to promoters)

4.  Cash A/c Dr $60,000

           To Preferred Stock $50,000          (1,000 shares  × $50)

           To  Additional Paid-in Capital in excess of par - Preferred Stock $10,000

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.