Minaret, Inc., issued 10,000 shares of ($ 50) par value preferred stock at ($ 68) per share

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Minaret, Inc., issued 10,000 shares of $\$ 50$ par value preferred stock at $\$ 68$ per share and 12,000 shares of no-par value common stock at $\$ 15$ per share. The common stock has no stated value. All issuances were for cash.

a. Prepare the journal entries to record the share issuances.

b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $\$ 4$ per share.

c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $\$ 2$ per share.

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Financial Accounting For Undergraduates

ISBN: 9781618533081

4th Edition

Authors: Wallace

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Question Posted: May 18, 2024 11:08 PM

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Minaret, Inc., issued 10,000 shares of ($ 50) par value preferred stock at ($ 68) per share

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Financial Accounting For Undergraduates

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