This problem continues the Daniels Consulting situation from Problem PI2-45 of Chapter 12. Daniels decides to raise

Question:

This problem continues the Daniels Consulting situation from Problem PI2-45 of Chapter 12. Daniels decides to raise additional capital for a planned business expansion by issuing 8,000 additional $2 common shares for $24,000 and by issuing 2,500, 4%, $50 par preferred shares at $55 per share. Assuming total stockholders’ equity is $25,422 and includes 200 shares of and 0 shares of preferred stock issued and outstanding immediately before the previously described transactions journalize the entries related to the issuances of both common and preferred shares.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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,...