Current Attempt in Progress

Swifty Inc. issues $500$ shares of $$10$ par value common stock and $100$ shares of $$100$ par value preferred stock for a lump sum of $$103,000.$

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.

b$.$ Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $$176$ per share.

$($List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to $0$ decimal places, e$.$g$.1,225.$ Credit $$ account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

a$.$ cash

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock

Preferred Stock

Paid$-$in Capital in Excess of Par $-$ Preferred Stock

a$.$ cash

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock

Preferred Stock

Paid$-$in Capital in Excess of Par $-$ Preferred Stock

b$.$

Cash

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock

Preferred Stock

Paid$-$in Capital in Excess of Par $-$ Preferred Stock

eTextbook and Media

List of Accounts