On March 1, 2020, AC Milan has a joint issuance of 100,000 shares of common and 5,000
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On March 1, 2020, AC Milan has a joint issuance of 100,000 shares of common and 5,000 shares of preferred stock. The total proceeds of the issuance equals 10 million. The par value of the common stock equals $10, while the par value of the preferred stock equals $100. The market value of a single share of common stock is $43.50 on March 1. In 2020, AC Milan recorded a profit of $15 million, on which it paid no taxes.
Prepare the journal entry to record the joint issuance of common and preferred stock on March 1. Must show work
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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