Question
Novak Corporation issued 470 shares of $10 par value common stock and 141 shares of $53 par value preferred stock for a lump sum of
Novak Corporation issued 470 shares of $10 par value common stock and 141 shares of $53 par value preferred stock for a lump sum of $21,150. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 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 Cash Common Stock Pald-In Capital In Excess of Par-Common Stock Preferred Stock Pald-In Capital In Excess of Par-Preferred Stock Debit Credit 4700
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