A corporation is authorized by its corporate charter to issue 10,000 shares of preferred stock with a 7% dividend rate and a par value of $3 per share, and 25,000 shares of common stock with a par value of $1 per share. On January 15, 2015, 1,000 shares of preferred stock were issued for $7 per share along with 10,000 shares of common stock for $5.50 per share.

How much would each account increase by for the issuance of the stock described above?

Common stock Issuance

Cash =

Common Stock =

Common Stock - Additional Paid in Capital =

Preffered Stock Issuance

Cash =

Preffered Stock =

Preffered Stock - Additional Paid in Capital =

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