Share Issuances for Cash Finlay, Inc, issued 9.000 shares of $50 par value prefe

Question

Share Issuances for Cash Finlay, Inc, issued 9.000 shares of $50 par value preferred stock at $68 per share and 12.000 shares of no-par value common stock at $12 per share. The common stock has no stated value. All issuances were for cash a. Prepare the journal entries to record the share issuances b Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $5 per share c Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share General Journal Ref Description Debit Credit Preferred Stock ssued 9,000 shares of preferred stock

Explanation / Answer

a Cash 612000 Prefetred Stock 450000 Paid in Capital in Excess of Par 162000 b Cash 144000 common stock 144000 c Cash 144000 common stock 12000 Common StockPaid-in-Capital in Excess of Par Value 132000

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