Question: On March 4 2016 Hein Corporation issues 1 000 shares of

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.
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
Prepare memorandum and journal entries to record the preceding transactions.

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  • CreatedOctober 05, 2015
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