Question: 1. Prepare the journal entry to record Typist Company's issuance of 250,000 shares of its common stock assuming the shares have a:
a. $1 par value and sell for $10 cash per share.
b. $1 stated value and sell for $10 cash per share.
2. Prepare journal entries to record the following transactions for Emerson Corporation. April 15 Declared a cash dividend payable to common stockholders of $40,000. May 15 Date of record is May 15 for the cash dividend declared on April 15. May 31 Paid the dividend declared on April 15.