**E10-2A. Share Issuances for Cash**Finlay, Inc., issued 8,000 shares of $50 par value preferred stock at $68 per share and 12,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash.a. Determine the financial statement effect of the share issuances.b. Determine the financial statement effect of the issuance of the common stock assuming that it had a stated value of $5 per share.c. Determine the financial statement effect of the issuance of the common stock assuming that it had a par value of $1 per share. **[LO2, 4, MBC]**

Financial statements: These refer to the formal or official records of the activities of the…

E10-2A. Share Issuances for Cash Finlay, Inc., issued 8,000 shares of $50 par value preferred stock at $68 per share and 12,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuaces were for cash. LO2, 4 MBC а. Determine the financial statement effect of the share issuances. Determine the financial statement effect of the issuance of the common stock assuming that it had a stated value of $5 per share. Determine the financial statement effect of the issuance of the common stock assuming that it had a par value of $1 per share. b. C.

E10-2A. Share Issuances for Cash Finlay, Inc., issued 8,000 shares of $50 par value preferred stock at $68 per share and 12,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuaces were for cash. LO2, 4 MBC а. Determine the financial statement effect of the share issuances. Determine the financial statement effect of the issuance of the common stock assuming that it had a stated value of $5 per share. Determine the financial statement effect of the issuance of the common stock assuming that it had a par value of $1 per share. b. C.

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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