Equinox Outdoor Wear issues 1,000 shares of its $0 01 par value preferred stock for cash at $32 per share Record the issuance of the preferred shares ...

Cash 1000 shares x 32 32000 ...

Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $32

Question:

Equinox Outdoor Wear issues 1,000 shares of its $0.01 preferred stock for cash at $32 per share. Record the issuance of the preferred shares.

Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...