Exercise 11-5 (Part Level Submission) Hodge Corporation issued 103,000 shares of

Question

Exercise 11-5 (Part Level Submission) Hodge Corporation issued 103,000 shares of $20 par value, cumulative, 9% preferred stock on January 1, 2016, for S2,S90 000. In December 2018, Hodge dedared ts nnt dividend of S720 000 Y (a) Prepare Hodge's journal entry to record the issuance of the preferred stock. (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit

Explanation / Answer

Account Titles and Explanation Debit Credit Cash $ 2,590,000 Preferred Stock ( 103,000 Shares * $ 20) $ 2,060,000 Paid In capital in excess of Par ( Preferred Stock) $ 530,000

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