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Monty Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 20,000 shares for cash at $58 per share. July 1 Issued 14,000 shares for cash at $62 per share.

Monty Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 20,000 shares for cash at $58 per share. July 1 Issued 14,000 shares for cash at $62 per share.

FINANCIAL ACCOUNTING
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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Monty Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 20,000 shares for cash at $58 per share. July 1 Issued 14,000 shares for cash at $62 per share.
Transcribed Image Text:Monty Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 20,000 shares for cash at $58 per share. July 1 Issued 14,000 shares for cash at $62 per share.
(b) Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Feb. 1 July 1 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Feb. 1 Debit July 1 Debit Credit Credit Balance Balance
Transcribed Image Text:(b) Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Feb. 1 July 1 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Feb. 1 Debit July 1 Debit Credit Credit Balance Balance
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