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 An Introduction
Authors: Eddie McLaney, Peter Atrill
3rd Edition
0273688227, 978-0273688228
