Vallens, Inc. issued 19,000 shares of its common stock for $14,000 cash, $30,000 in inventory, land valued at $20,000, and building valued at $180,000 on February 12th. The land and building were subject to a $65/000 mortgage note.

Present the journal entries to record this transaction under each of the following separate situations: a. The stock has no par or stated value. b. The stock has a $20 par value. c. The stock has a stated value of $5 per share.