Question: need help with these two questions. PLEASE & THANK YOU! Share issuances for Cash Finlay, Inc. issued 15,000 shares of $50 par value preferred stock
need help with these two questions. PLEASE & THANK YOU!


Share issuances for Cash Finlay, Inc. issued 15,000 shares of $50 par value preferred stock at $68 per share and 19,000 shares of no-par value common stock at S10 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances. b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of per share. c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of S1 per share. General Journal Debit Credit Ref. Description s s o Preferred Stock Issued 15,000 shares of preferred stock. Issued 19,000 shares of no-par value common stock. Common Stock issued 19,000 shares of no-par common stock, stated value of S5, at $10 per share. Common Stock Issued 19,000 shares of S1 par value common stock, at $10 per share
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
