Practice Problem

#2 PREFERRED STOCK 2 journal entries 10 points Tyler Corp. is authorized to issue 100,000 shares of its preferred stock. During the year, the company had the following transactions related to preferred stock: 10-Feb Issued preferred stock for cash Number of shares issued 30,000 Par value per share $30 Market price per share $50 10-Mar Issued preferred stock for equipment having an asking price of $700,000 Number of shares issued 10,000 shares Par value per share $30 Market price per share $50 Instructions: Prepare the journal entries for these two transactions. Date Account Title Debit Credit