On March 4, 2016, Hein Corporation issues 1,000 shares of $100 par preferred stock LO 15.6 for $125 per share. The stock is not callable by the corporation until 3 years have expired. On April 7, 2019, all the stock is called by' Hein.
Required:
1. Prepare the journal entry' to record the issuance of the stock.
2. Prepare the journal entry' to record the recall:
a. At a price of $ 140 per share
b. At a price of $ 108 per share
Required:
Prepare memorandum and journal entries to record the preceding transactions.