0-5A STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31, Pro Parts’ stockholders’ equity accounts had the following balances: Common stock subscriptions receivable $ 5,000 Common stock, $5 par, 12,000 shares 60,000 Preferred stock, $10 par, 4%, 4,000 shares 40,000 Common stock subscribed, $5 par, 3,000 shares 15,000 Paid-in capital in excess of par-common stock 4,000 Retained earnings 35,000 Prepare the stockholders’ equity section of the balance sheet. 20-7A STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH ASSETS Kris Kraft Stores had the following stock transactions during the year: (a) Issued 4,000 shares of no-par common stock with a stated value of $10 per share for $40,000 cash. (b) Issued 6,000 shares of no-par common stock with a stated value of $8 per share for $50,000 cash. (c) Issued 5,000 shares of no-par, 6% preferred stock with a stated value of $15 per share for $75,000 cash. (d) Issued 3,000 shares of no-par, 6% preferred stock with a stated value of $20 per share for $58,000 cash. (e) Issued 10,000 shares of $5 par common stock for land with a fair market value of $50,000. (f) Issued 10,000 shares of $8 par common stock with a $9 fair market value for a building with an uncertain fair market value. (g) 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 to record the transactions, identifying each transaction by letter.