On May 10, Century Realty Inc. issued for cash 90,000 shares of no-par common stock (with a

Question:

On May 10, Century Realty Inc. issued for cash 90,000 shares of no-par common stock (with a stated value of $30) at $42. On September 3, Century Realty Inc. issued at par value 36,000 shares of preferred 1% stock, $25 par for cash. On December 1, Century Realty Inc. issued for cash 14,000 shares of preferred 1% stock, $25 par at $33.

Journalize the entries to record the May 10, September 3, and December 1 transactions.

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,...