Concord Corporation began operations on April 1 by issuing 52,700 shares of $6 p

Question

Concord Corporation began operations on April 1 by issuing 52,700 shares of $6 par value common stock for cash at $16 per share. In addition, Concord issued 2,800 shares of $1 par value preferred stock for $4 per share. Journalize the issuance of the common and preferred shares. (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.) Date Account Titles and Explanation Debit Credit April 1Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock (To record issuance of common shares) April 1 Cash Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock (To record issuance of preferred shares)

Explanation / Answer

April 1:

Cash a/c..Dr$843200(52700*16)

To common stock $316200(52700*6)

To paid in capital in excess of par-common stock $527000

April 1:

Cash a/c..Dr$11200(2800*4)

To preferred stock $2800(2800*1)

To paid in capital in excess of par-preferred stock $8400

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