(Question 1: ) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(Question 2) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
Garza Co. had the following transactions during the current period.
Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.
June 12 Issued 60,000 shares of $1 par value common stock for cash of $375,000.
July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28 Purchased 2,000 shares of treasury stock for $80,000.