E13-4 The balance sheet of Levitz Corporation, as adapted, reported the following stock- holders equity. Levitz has
Question:
E13-4 The balance sheet of Levitz Corporation, as adapted, reported the following stock- holders equity. Levitz has two separate classes of preferred stock. labeled Series A and Series B. Stockholders' Equity Preferred stock. $2 par. authorized 4.000.000 shares (Note 7) S Thousands Series A $ 100 Series B Common stock. $0.10 par, authorized 20.000.000. 740 issued 9.000.000 shares 900 Capital in excess of par (sum of preferred and common) Note 7. Preferred Stock: 74.580 Shares Issued Series A Series B 50,000 370,000 Required The Series A preferred stock was issued for $5 cash per share. the Series B preferred was issued for $10 cash per share, and the common was issued for cash of $72.370 thousand. Make the summary journal entries to record issuance of all the Levitz stock. Explanations are not required. After you record these entries, what is the total balance of Capital in Excess of Par?
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones