During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.align=”right”>align=”left”>
||Issued 80,000 shares for cash at $6 per share.
||Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.
||Issued 30,000 shares for cash at $8 per share.
||Sept 1 Issued 60,000 shares for cash at $10 per share.
||Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.
||Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.