CHAPTER $20$ QUESTION $3$ ALL INFO IS THERE

Recording Entries for Multiple Securities Issuance Gilmore Company has 36,000 authorized shares of common stock, $2 par, and 36,000 authorized shares of preferred stock, $10 par. On April 10, Gilmore sold 1,080 shares of common stock and 720 shares of preferred stock in one transaction for a total of $36,000 cash. The common stock was selling at $26 per share, while the preferred stock was selling at $16 per share. Required a. Prepare the entry on April 10 for the issuance of common and preferred stock. b. Assume instead that only the market price of the common stock is known ($26 per share). Prepare the entry on April 10 for the issuance of common and preferred stock. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Date a. April 10 Date b. April 10 Check Account Name To record the issuance of stock. Account Name To record the issuance of stock. Dr. Cr. Cr. Cash Equipment Investment Stock 'Ovidends Payable Property Dividends payable Preferred Stock Common Stock Common sfock Dividends Distributable Paid-in Capital y-t Excess of ParCommon Stock PaidLin capitai in, Excess of StatedVlue2Common Stock *ld-in Capital in Excess of ParPreferred Stock t--a_T.r;, Paid-in CapitalRetired Stock Paid-in CapitalTreasuryStoCle Retained Earnings Treasury Stock Legal Expense Unrealized Gain or Loss=lncome Save Answers