Response to the following questions:
1. Prepare the journal entry to record Channel One Company's issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for:
a. $0.50 cash per share.
b. $2 cash per share.
2. Prepare the journal entry to record Selectist Company's issuance of 104,000 shares of no-par value common stock assuming the shares:
a. Sell for $15 cash per share.
b. Are exchanged for land valued at $1,560,000.