Question # $4$

Ravonette Corporation issued $300$ shares of $$10$ par value common stock and $100$ shares of $$50$ par value preferred stock for a lump sum of $$13,500.$ The common stock has a market value of $$20$ per share, and the preferred stock has a market value of $$90$ per share.

Prepare the journal entry to record the issuance.

AnswerA