203 Crane Corporation issued 360 shares of $10 par value common stock and 120 shares of $50 par value preferred stock for a lump sumof $16.200. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share.Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indentedwhen the 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.Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.)Account Titles and ExplanationDebitCredit20010000 Tamarisk Corporation issued 410 shares of $12 par value common stock for $7,380.Prepare Tamarisk's journal entry. (List all debit entries before credit entries. Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDebitCredit

The shares issued in lump sum amount are allocated the cost on the basis of the market value of…

Crane Corporation issued 360 shares of $10 par value common stock and 120 shares of $50 par value preferred stock for a lump sum of $16,200. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. De not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit

Crane Corporation issued 360 shares of $10 par value common stock and 120 shares of $50 par value preferred stock for a lump sum of $16,200. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. De not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit

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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