Question
Jelly Bean Corporation issued 1,500 shares of $1 par value common stock and 500 shares of $50 par value preferred stock for a lump sum
Jelly Bean Corporation issued 1,500 shares of $1 par value common stock and 500 shares of $50 par
value preferred stock for a lump sum of $27,444. The common stock has a market price of $18 per
share, and the preferred stock has a market price of $95 per share.
Prepare the journal entry to record the issuance.
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
4th Edition
0132423502, 978-0132423502
