QFill in the BlanksType your answers in all of the blanks and submitX₂ X²Ω·Amazing Inc. issued equity securities. The offering included 100,000 bundles of one no par value commonshare and one no par value preferred share. Each bundle sold for $50. Amazing has adopted a policy ofcharging share issuance costs to retained earnings.Assume the fair value of the common shares and preferred shares is $42 but the value of the preferred sharesis unknown. What is the amount allocated to preferred shares? Do not use commas, $ or +/- in your answer.preferred sharesWrite your response here...UnansweredSubmitDDF9F5%5Q31-Residual Value MethodHomework Unanswered Due Today, 6:00 PMTGA6YHMacBook Air←F7&7UJ* 008DIIF8|K(9о)LF10PF11+ 11F12}11:\?

Preferred shares are of preference over common shares.Whiling allocating amount to be received…

Answered: Amazing Inc. issued equity securities.…

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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Trenton Company's common stock carries a par value of $ 1.00 per share. The company is authorized to issue an additional 32000 shares of common stock. What would the journal entry be for the issuance of 4000 shares of common stock at $ 1.75 per share?
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Amazing Inc. issued equity securities. The offering included 100,000 bundles of one no par value common pluo preferred share. Each bundle sold for $50 Amazing has adopted a policy of