Response to the following problem:
Prepare journal entries to record the following four separate issuances of stock.
1. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,000. The stock has no stated value.
2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,000. The stock has a $1 per share stated value.
3. A corporation issued 4,000 shares of $10 par value common stock for $70,000 cash.
4. A corporation issued 1,000 shares of $100 par value preferred stock for $120,000 cash.