Chapter 20, Problem 7SPA

STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH ASSETS Kris Kraft Stores had the following stock transactions during the year:

1. (a) Issued 8,000 shares of no-par common stock with a stated value of $5 per share for $40,000 cash.
2. (b) Issued 6,000 shares of no-par common stock with a stated value of $5 per share for $33,000 cash.
3. (c) Issued 5,000 shares of no-par, 6% preferred stock with a stated value of $15 per share for $75,000 cash.
4. (d) Issued 10,000 shares of $5 par common stock for land with a fair market value of $50,000.
5. (e) Issued 20,000 shares of $5 par common stock with a $7 fair market value for a building with an uncertain fair market value.
6. (f) Issued 8,000 shares of $50 par, 8% preferred stock for land with a fair market value of $405,000.

REQUIRED

Prepare general journal entries for these transactions, identifying each by letter.