Imore Company has 20,000 authorized shares of common stock, $2 par, and 20,000 authorized shares of preferred stock, $10 par. On April 10, Gilmore sold 600 shares of common stock and 400 shares of preferred stock in one transaction for a total of $20,000 cas e common stock was selling at $26 per share, while the preferred stock was selling at $16 per share. equired Prepare the entry on April 10 for the issuance of common and preferred stock. Assume instead that only the market price of the common stock is known ($26 per share). Prepare the entry April 10 for the issuance of common and preferred stock. ote: Carry all decimals in calculations; round the final answer to the nearest dollar. Date April 10 Cash Date April 10 Account Name Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock To record the issuance of stock. Cash Account Name Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock V w ✓ v V V V Dr. 20,000 0 0 0 0 Dr. 20,000 0 0 0 0 Cr. Cr. 0✔ 1.200 ✓ 0x 4,000 ✓ 0x 0✔ 1,200 ✓ 0x 4,000 ✓ 0x
Imore Company has 20,000 authorized shares of common stock, $2 par, and 20,000 authorized shares of preferred stock, $10 par. On April 10, Gilmore sold 600 shares of common stock and 400 shares of preferred stock in one transaction for a total of $20,000 cas e common stock was selling at $26 per share, while the preferred stock was selling at $16 per share. equired Prepare the entry on April 10 for the issuance of common and preferred stock. Assume instead that only the market price of the common stock is known ($26 per share). Prepare the entry April 10 for the issuance of common and preferred stock. ote: Carry all decimals in calculations; round the final answer to the nearest dollar. Date April 10 Cash Date April 10 Account Name Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock To record the issuance of stock. Cash Account Name Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock V w ✓ v V V V Dr. 20,000 0 0 0 0 Dr. 20,000 0 0 0 0 Cr. Cr. 0✔ 1.200 ✓ 0x 4,000 ✓ 0x 0✔ 1,200 ✓ 0x 4,000 ✓ 0x
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter15: Shareholders’ Equity: Capital Contributions And Distributions
Section: Chapter Questions
Problem 15E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning