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Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. PrepareBilly Bob's journal entry to record the issuance of the preferred stock Title Debit Credit Cash 4950000 Common Stock Paid in Capital in Excess of Par-Common Stock

Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. PrepareBilly Bob's journal entry to record the issuance of the preferred stock Title Debit Credit Cash 4950000 Common Stock Paid in Capital in Excess of Par-Common Stock

FINANCIAL ACCOUNTING
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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I need help with preparring a journal entry using the following.

Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000.

How do you calculate the Common Stock and "Paid-In" results?

Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. PrepareBilly Bob's journal entry to record the issuance of the preferred stock Title Debit Credit Cash 4950000 Common Stock Paid in Capital in Excess of Par-Common Stock
Transcribed Image Text:Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. PrepareBilly Bob's journal entry to record the issuance of the preferred stock Title Debit Credit Cash 4950000 Common Stock Paid in Capital in Excess of Par-Common Stock
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