sources of equity and journalizing stock issuance

Project Description:

this problem continues the davis consulting, inc. situation from problem p11-35 of chapter 11. davis decides to raise additional capital for a planned business expansion by issuing 20,000 additional $1 par value common shares for $40,000 and by issuing 3,000, 6%, $80 par preferred shares at $100 per share. assuming total stockholders’ equity is $18,165 and includes 100 shares of common stock and 0 shares of preferred stock issued and outstanding immediately before the previously described transactions, journalize the entry related to the issuances of both common and preferred shares.
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