Estefan Corp. is authorized by its charter from the state of Wisconsin to issue 750 shares of preferred stock with a 7% dividend rate and a par value of $50 per share and 22,000 shares of common stock with a par value of $0.01 per share. On January 1, 2019, Estefan Corp. issues 250 shares of preferred stock at $55 per share and 12,200 shares of common stock at $13 per share. Prepare the journal entry to record the issuance of the stock.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Estefan Corp. is authorized by its charter from the state of Wisconsin to issue 750 shares of preferred stock with a 7% dividend rate and a par value of $50 per share and 22,000 shares of common stock with a par value of $0.01 per share. On January 1, 2019, Estefan Corp. issues 250 shares of preferred stock at $55 per share and 12,200 shares of common stock at $13 per share.

Prepare the journal entry to record the issuance of the stock.

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