Fleishman Corporation issued 5,000 shares of its no par common stock for $ 28 per share and 510 shares of its $ 50 par value preferred stock for $ 52 50 per share Prepare the journal entries to record the sale of the stock ...

Cash 140000 Common Stock 5000 sh ...

Fleishman Corporation issued 5,000 shares of its no-par common stock for $ 28 per share and 510

Question:

Fleishman issued 5,000 shares of its no-par for $ 28 per share and 510 shares of its $ 50 preferred stock for $ 52.50 per share. Prepare the journal entries to record the sale of the stock.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...