Splish Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump su $125,000 Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market pr preferred is $225 each (b)Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $220 s (Round answers to 0 decimal places, eg. $1,225. Credit account titles are automatically indented when amoun entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter a for amounts) No. Account Titles and Explanation (a) Cash Common Stock Capital Paid-in C in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit
Splish Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump su $125,000 Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market pr preferred is $225 each (b)Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $220 s (Round answers to 0 decimal places, eg. $1,225. Credit account titles are automatically indented when amoun entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter a for amounts) No. Account Titles and Explanation (a) Cash Common Stock Capital Paid-in C in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Splish Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump su
$125,000
Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market pr
preferred is $225 each
(b)Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $220 s
(Round answers to 0 decimal places, eg. $1,225. Credit account titles are automatically indented when amoun
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter a for
amounts)
No. Account Titles and Explanation
(a)
Cash
Common Stock
Capital
Paid-in C
in Excess of Par-Common Stock
Preferred Stock
Paid-in Capital in Excess of Par-Preferred Stock
Debit
Credit
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