Following are the issuances of stock transactions. Prepare journal entries to record each of the following four separate issuances of stock. a. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash.
b. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,500. The stock has a $2 per share stated value.
c. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,500. The stock has no stated value.
d. A corporation issued 1,750 shares of $75 par value preferred stock for $183,750 cash.