Suliman SJSC is authorized to issue both preference and ordinary shares. The par value of the preference

Question:

Suliman SJSC is authorized to issue both preference and ordinary shares. The of the preference shares is €50. During the first year of operations, the company had the following events and transactions pertaining to its preference shares.
Feb. 1 Issued 12,000 shares for cash at €53 per share.
July 1 Issued 23,000 shares for cash at €57 per share.
Instructions
(a) Journalize the transactions.
(b) Post to the equity accounts.
(c) Indicate the financial statement presentation of the related accounts.
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...