Maxville Company issues 350 shares of $40 par preferred stock and 1,000 shares of $5 par common stock in a “package” sale on December 31. Total proceeds received amount to $38,600.

Required:

Record the transaction for each independent assumption shown:

1.	The common stock has a current market value of $18 per share; the current market value of preferred stock is not known.
2.	The common stock and the preferred stock have a current market value per share of $21 and $61, respectively.

2. The common stock and the preferred stock have a current market value per share of $21 and $61, respectively.

General Journal InstructionsHow does grading work?

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GENERAL JOURNAL

Score: 52/61

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