Question
Swifty Corporation issued 116,000 shares of $20 par value, cumulative, 6% preferred stock on January 1, 2018, for $2,610,000. In December 2020, Swifty declared its
Swifty Corporation issued 116,000 shares of $20 par value, cumulative, 6% preferred stock on January 1, 2018, for $2,610,000. In December 2020, Swifty declared its first dividend of $720,000.
Prepare Swiftys journal entry to record the issuance of the preferred stock.
| Account Titles and Explanation | Debit | Credit |
|---|---|---|
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Essentials Of Federal Taxation 2018
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
9th Edition
9781260007640
