Pharoah Inc, issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $104,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $178 per share. (Round answers to 0 decimal places, e.g. $1,225. 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.) No. Account Titles and Explanation Debit Credit (a) Exercise 15-13 The common stock of Monty Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $69 per share. 9.70 million shares are issued and outstanding. Prepare the necessary journal entries assuming the following. (Enter amounts in dollars. 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.) (a) The board votes a 2-for-1 stock split. (b) The board votes a 100% stock dividend. No. Account Titles and Explanation Debit Credit (6) (To record the declaration) (To record the distribution) Click if you would like to Show Work for this question: Open Show Work Pharoah Inc, issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $104,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $178 per share. (Round answers to 0 decimal places, e.g. $1,225. 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.) No. Account Titles and Explanation Debit Credit (a) Exercise 15-13 The common stock of Monty Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $69 per share. 9.70 million shares are issued and outstanding. Prepare the necessary journal entries assuming the following. (Enter amounts in dollars. 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.) (a) The board votes a 2-for-1 stock split. (b) The board votes a 100% stock dividend. No. Account Titles and Explanation Debit Credit (6) (To record the declaration) (To record the distribution) Click if you would like to Show Work for this question: Open Show Work
