stock issuance par no par and stated value the 245562

STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The following stock transactions occurred during January 20– for Drexel Corporation:

(a) Issued 4,000 shares of $10 par common stock for $40,000 cash.

(b) Issued 5,000 shares of $10 par common stock for $45,000 cash.

(c) Issued 5,000 shares of $10 par common stock for $53,500 cash.

(d) Issued 6,000 shares of no-par common stock for $60,000 cash.

(e) Issued 4,000 shares of no-par common stock for $40,000 cash.

(f) Issued 6,000 shares of no-par common stock with a stated value of $8 per share for $48,000 cash.

(g) Issued 3,000 shares of no-par common stock with a stated value of $8 per share for $25,000 cash.

(h) Issued 4,000 shares of no-par common stock with a stated value of $8 per share for $30,500 cash.

Prepare general journal entries to record the stock transactions, identifying each transaction by letter.

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