ACC 302, easy. Q5

Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $121,000. a. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. b. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $212 per share. - (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal ploces, eg, 1,225. Credit occount titles are automatically indented when the amount is entered. Do not indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit a. b