Henlay, Inc., issued 10,000 shares of $40 par value preferred stock at $96 per share and 8,000 shares of no-par value common stock at $30 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances. b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $20 per share. c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $4 per share. General Journal Ref. Description Debit Credit a.         Preferred stock               Issued shares of preferred stock.                       Issued shares of no-par value common stock.     b.         Common stock               Issued shares of no-par value common stock, stated value.     c.         Common stock               Issued shares of common stock.

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.