Question
S Corp issued 100 shares of $1 par value common stock and 50 shares of $100 par value preferred stock for a lump sum of
S Corp issued 100 shares of $1 par value common stock and 50 shares of $100 par value preferred stock for a lump sum of $15,000. The common stock has a market value of $20 per share, and the preferred stock has a market value of $110 per share. Prepare the journal entry to record the issuance on Jan 1.
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Frank Woods Business Accounting An Introduction To Financial Accounting
Authors: Alan Sangster, Lewis Gordon, Frank Wood
15th Edition
1292365439, 9781292365435
