Layes Inc issues 8,000 shares of $100 par value preferred stock for cash at $106 per share Journalize the issuance of the preferred stock ...

Cash 8000 106 848000 Preferred Stock 8 ...

Layes Inc. issues 8,000 shares of $100 par value preferred stock for cash at $106 per share.

Question:

Layes Inc. issues 8,000 shares of $100 preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock.
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,...