Question - Prepare Journal entries for the following stock transactions of Gamma Systems:
Apr 19 Issued 1,000 shares of $1 par common stock for cash of $10.50 per share.
May 3 Sold 300 shares of $4.50, no-par preferred stock for $15,000 cash.
May 11 Received inventory valued at $23,000 and equipment with a market value of $11,000. Issues 3,000 shares of the $1 par common stock.