Question: Tinker Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations,

Tinker Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 20,000 shares for cash at $51 per share.
July 1 Issued 10,000 shares for cash at $57 per share.

Instructions
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts.
(c) Indicate the financial statement presentation of the related accounts.

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