Question: Hartman Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of

Hartman Inc. issues 500 shares of $10 and 100 shares of $100 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 $168 each and market price of the preferred is $210 each. (Round to nearest dollar.)
(b) Prepare the journal entry for the issuance when only the market price of the is known and it is $170 per share.

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a Fair value of Common 500 X 168 84000 Fair value of Preferred 100 X 210 210... View full answer

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