Response to the following questions:
1. Prepare the journal entry to record Typist Company's issuance of 250,000 shares of its common stock assuming the shares have a:
a. $1 par value and sell for $10 cash per share.
b. $1 stated value and sell for $10 cash per share.
2. Prepare journal entries to record the following transactions for Emerson Corporation.
April 15 Declared a cash dividend payable to common stockholders of $40,000.
May 15 Date of record is May 15 for the cash dividend declared on April 15.
May 31 Paid the dividend declared on April 15.