Marigold Corporation issued 340 shares of $10 par value common stock and 102 shares of $50 par value preferred stock for a lump sum of $15,300. 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. (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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation eTextbook and Media Debit 000 Credit 100
Marigold Corporation issued 340 shares of $10 par value common stock and 102 shares of $50 par value preferred stock for a lump sum of $15,300. 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. (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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation eTextbook and Media Debit 000 Credit 100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Marigold Corporation issued 340 shares of $10 par value common stock and 102 shares of $50 par value preferred stock for a lump
sum of $15,300. 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. (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 O for the amounts. Do not round intermediate calculations. Round final answers to 0 decimal places,
e.g. 5,125.)
Account Titles and Explanation
eTextbook and Media
Debit
Credit
N
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