During Its First Year Of Operations, Collin Raye Corporation Had The Following Transactions Pertaining To Its Common Stock.
E15-1 (Recording the Issuances of Common Stock) During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.
Jan. 10	Issued	80,000	shares for cash at	$6.00	per share.
Mar. 1	Issued	5,000	shares to attorneys in payment of a bill for	$35,000
for services rendered in helping the company to incorporate.
July. 1	Issued	30,000	shares for cash at	$8.00	per share.
Sept. 1	Issued	60,000	shares for cash at	$10.00	per share.
 
 
 
 
Instructions:
(a) Prepare the journal entries for these transactions, assuming that the common stock has a par 
      value of	$5.00	per share.
 
 
(b) Prepare the journal entries for these transactions, assuming that the common stock is no par 
with a stated value of	$3.00	per share.