Coldplay Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par
Question:
Coldplay Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.
Instructions
a. Prepare the journal entry for the issuance when the market price of the common shares is $165 each and market price of the preferred is $230 each. (Round to nearest dollar.)
b. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $170 per share.
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Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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