Part B

Exercise 11-10 (Part Level Submission) Tran Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $48. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 21,500 shares for cash at $57 per share. July 1 Issued 11,500 shares for cash at $61 per share. (a) Your answer is correct. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.) Account Titles and Explanation Credit Debit Date Feb. 1 Cash 1,225,500 t 1,032,000 Preferred Stock t Paid-in Capital in Exces 193,500 July 1 Cash 701,500 T 552,000 Preferred Stock t Paid-in Capital in Excess 149,500