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Crane Corporation issued 360 shares of $10 par value common stock and 120 shares of $50 par value preferred stock for a lump sum
Crane Corporation issued 360 shares of $10 par value common stock and 120 shares of $50 par value preferred stock for a lump sum of $16,200. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account 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. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit
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