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In: Accounting
Flounder Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...
Flounder Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $105,000.
| (a) | Prepare the journal entry for the issuance when the market price of the common shares is $172 each and market price of the preferred is $215 each. | |
|---|---|---|
| (b) | Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $180 per share. |
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ekkarill92 answered 2 years agoRelated Solutions
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price of the common shares is $164 each and market price of the
preferred is $205 each.
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Prepare the journal entry for the issuance when the market
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the preferred is $220 each. (b) Prepare the journal entry for the
issuance when only the market price of the common stock is known
and it is $204 per share.
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