Stock issuance (Learning Objective 3) 10–15 min.

Elissar Corporation’s transactions pertaining to its $10 par value preferred stock are given below. Journalize the transactions. Indicate the amount to be reported for preferred stock and paid-in capital in excess of par value preferred stock at the end of the year.

May 1 Jul 1 Issued 8,000 shares for cash at $24 per share.

Issued 6,000 shares for cash at $25 per share.

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