On March 4, 2019, Hein Corporation issues 1,000 shares of $100 par preferred stock for $125 per share. The stock is not callable by the corporation until 3 years have expired. On April 7, 2022, all the stock is called by Hein. Required: 1. Prepare the journal entry to record the issuance of the stock. 2. Prepare the journal entry to record the recall: a. at a price of $140 per share b. at a price of $108 per share
On March 4, 2019, Hein Corporation issues 1,000 shares of $100 par preferred stock for $125 per share. The stock is not callable by the corporation until 3 years have expired. On April 7, 2022, all the stock is called by Hein. Required: 1. Prepare the journal entry to record the issuance of the stock. 2. Prepare the journal entry to record the recall: a. at a price of $140 per share b. at a price of $108 per share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On March 4, 2019, Hein Corporation issues 1,000 shares of $100 par preferred stock for $125 per share. The stock is not callable by the corporation until 3 years have expired. On April 7, 2022, all the stock is called by Hein.
Required:
| 1. | Prepare the |
| 2. | Prepare the journal entry to record the recall: |
| a. | at a price of $140 per share |
| b. | at a price of $108 per share |
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