Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Share Issuances for Cash Minaret, Inc., issued 10,000 shares of 50 par value preferred stock at $68 per share and 12,000 shares of no par

image text in transcribed
image text in transcribed
Share Issuances for Cash Minaret, Inc., issued 10,000 shares of 50 par value preferred stock at $68 per share and 12,000 shares of no par value common stock at $15 per share. The common stock has no stated value. All issuances were for cash . Prepare the journal entries to record the share issuances b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of 54 per share Prepare the journal entry for the swance of the common stock assuming that it had a par value of 2 per share Het Debit Credit General Journal Description Cash Preferred din Capital in Ems of Par Preferred Stock od 10.000 shares offered to . O 0 ON OX OK Ov 3 OX No Prve Common Stock sued 12.000 shares of our valut comunenstock Catch Common Stod Pad Capital in Ecosolated Value - Common Stock od 12000 shof -por contact ON O SCX OM O OX C. Cash OX 0 0 x Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Issued 12,000 sharesat $2 par value common stock ats15 per share. > 0 0 X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Management

Authors: Eugene F. Brigham, Joel F. Houston

Concise 6th Edition

324664559, 978-0324664553

Students also viewed these Accounting questions