Question: Donahue Corporation is authorized by its charter from the State

Donahue Corporation is authorized by its charter from the State of Illinois to issue 2,000 shares of 7 percent preferred stock with a par value of $30 per share and 125,000 shares of common stock with a par value of $0.01 per share. On January 1, 2011, Donahue issues 1,300 shares of preferred stock at $35 per share and 84,000 shares of common stock at $12.50 per share.

Required:
Prepare the journal entry to record the issuance of the stock.

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  • CreatedSeptember 22, 2015
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