Question
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
ekkarill92 answered 1 year agoRelated Solutions
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