Maxville Company issues 350 shares of $40 par preferred stock and 1,000 shares of $5 par common
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Question:
Maxville Company issues 350 shares of $40 par preferred stock and 1,000 shares of $5 par common stock in a “package” sale on December 31. Total proceeds received amount to $38,600.
Required:
Record the transaction for each independent assumption shown: |
1. | The common stock has a current market value of $18 per share; the current market value of preferred stock is not known. |
2. | The common stock and the preferred stock have a current market value per share of $21 and $61, respectively. |
2. The common stock and the preferred stock have a current market value per share of $21 and $61, respectively.
General Journal InstructionsHow does grading work?
PAGE 1
GENERAL JOURNAL
Score: 52/61
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date: