Sunland Company has issued 1,900 shares of common stock and 380 shares of preferred stock for a lump sum of $70,000 cash. Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $26 per share, and the par value of the preferred stock was $40 and has no ready market.
Sunland Company has issued 1,900 shares of common stock and 380 shares of preferred stock for a lump sum of $70,000 cash. Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $26 per share, and the par value of the preferred stock was $40 and has no ready market.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 5MCQ
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Sunland Company has issued 1,900 shares of common stock and 380 shares of
Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $26 per share, and the par value of the preferred stock was $40 and has no ready market.
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