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In: Accounting

Sweet Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...

Sweet Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $113,000.

(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 $196 per share.


(Round answers to 0 decimal places, e.g. $1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit
(a)
(b)

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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