Discuss the below:
PAR AND NO-PAR, COMMON AND PREFERRED STOCK
Q: Valdez Company had the following stock transactions during the year:
(a) Issued 24,000 shares of $1 par common stock for $26,000 cash.
(b) Issued 20,000 shares of $1 par common stock for $19,000 cash.
(c) Issued 18,000 shares of $1 par common stock for $18,000 cash.
(d) Issued 3,000 shares of $10 par, 7% preferred stock for $30,000 cash.
(e) Issued 4,000 shares of $15 par, 7% preferred stock for $57,000 cash.
(f) Issued 4,500 shares of $10 par, 7% preferred stock for $46,500 cash.
(g) Issued 1,800 shares of no-par common stock for $10,475 cash.
(h) Issued 1,100 shares of no-par, $7 preferred stock for $32,000 cash.
Prepare general journal entries to record the transactions, identifying each transaction by letter.