During its first year of operations, Sarasota Corp. had these transactions pertaining to its common stock. Jan. 10 Issued 26,400 shares for cash at $6 per share. July 1 Issued 57,000 shares for cash at $7 per share.
a) Journalize the transactions, assuming that the common stock has a par value of $6 per share.
b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share