Bridgeport Corporation issued 384 shares of $10 par value common stock and 144 shares of $50 par value preferred stock for a lump sum of $19,872. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Cash Debit 19872 Credit
Bridgeport Corporation issued 384 shares of $10 par value common stock and 144 shares of $50 par value preferred stock for a lump sum of $19,872. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Cash Debit 19872 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bridgeport Corporation issued 384 shares of $10 par value common stock and 144 shares of $50 par value preferred stock for a lump
sum of $19,872. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.
Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final
answers to 0 decimal places, e.g., 1,520. Credit account titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Cash
Common Stock
Paid-in Capital in Excess of Par - Common Stock
Preferred Stock
Paid-in Capital in Excess of Par - Preferred Stock
Debit
19872
Credit
3840
7200
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