A company issued 50 shares of $100 par value common stock for $7,400 cash. The Journal entry to record the issuance is:Multiple ChoiceDebit Cash $7,400, credit Paid-in Capital in Excess of Par Value, Common Stock $5,000, credit Common Stock $2.400.Debit Common Stock $5,000, debit Investment in Common Stock $2,400, credit Cash $7,400.Debit Cash $7,400; credit Common Stock $7,400.Debit Investment in Common Stock $7,400; credit Cash $7,400Debit Cash $7,400, credit Common Stock $5,000, credit Paid-in Capital in Excess of Par Value, Common Stock $2,400

INTRODUCTION: Common stock is a sort of investment that reflects equity ownership in a firm. Other…

Answered: A company issued 50 shares of $100 par…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share. View transaction list Journal entry worksheet A ... ... ....*...... 8:41 3/27/2 Insert Prt Sc F7 F8 F9 F10 F11 F12 Fn F3 F4 F5 F6 + Lock

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