Question
Cheyenne Corporation issued 103,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2021, for $2,590,000. In December 2023, Cheyenne declared its
Cheyenne Corporation issued 103,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2021, for $2,590,000. In December 2023, Cheyenne declared its first dividend of $720,000.
Prepare Cheyennes journal entry to record the issuance of the preferred stock.
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
