Question: On January 1 , 2 0 2 2 , Hoy Company issued 7 5 0 shares of $ 7 5 par callable preferred shares for

On January 1,2022, Hoy Company issued 750 shares of $75 par callable preferred shares for $165,000. Hoy can call these preferred shares on January 1,2023, for $220 per share. On June 1,
2023, Hoy calls the shares.
Requirements
a. What is the journal entry to record the issuance of the preferred shares?
b. What is the journal entry when Hoy calls the preferred shares?
Requirement a. What is the journal entry to record the issuance of the preferred shares? (Record debits first, then credits. Exclude explanations from any journal entries.
On January 1,2022, Hoy Company issued 750 shares of $75 par

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