Wildhorse Corporation issued 420 shares of $10 par value common stock and 126 shares of $50 par value preferred stock for a lumpsum of $18,900. 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 indentedwhen 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 ExplanationCashCommon StockPreferred StockPaid-in Capital in Excess of Par-Common StockPaid-in Capital in Excess of Par-Preferred StockDebit18900000Credit4200630063006461

The shares are allocated the lump sum amount to different shares on the basis of ratio of fair…

Answered: Wildhorse Corporation issued 420 shares…

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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