During it's first year of operations, Rosa Corp has these transactions pertaining to its common stock.
- Jan. 10 Issued 30,000 shares for cash at $5 per share
- July 1 Issued 60,000 shares for cash at $7 per share
1. Journalize the transactions, assuming that the common stock has a par value of $5 per share
2. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share