intermediat accounting

Be careful es from the Internet can contain viruses Protected View Enable Editing 1216 Question 3: (4 marks) During 2017, Parker Corporation: Issued 2,000 ordinary shares of $5 par value ordinary shares and 400 shares of $40 par value preference shares for a lump sum of $72,000. The ordinary shares have a fair value of $30 per share, and the preference shares have a market price of $50 per share Instructions: Prepare the journal entry to record the issuance of the stocks. (4 marks)