5. Taras Treasures has both Preferred Stock, $100 Par, 6% Dividend and Common Stock $1 Par. Tara had the following transactions during the year related to her stock: a. Tara Issues (Sells) 20,000 Shares of Common Stock for $8 per share in Cash. b. Tara Issues (Sells) 5,000 Shares of Preferred Stock at Par Value for Cash. c. Tara Issues (Sells) 30,000 Shares of Common Stock for $13 per share in Cash. d. Tara Issues (Sells) 7,000 Shares of Preferred Stock at Par for Cash.

 

Required: Record the Stock Transactions in the Journal. What would be the Value of Preferred Stock in the Ledger?