Issued 10 milliion of $1 par common shares at $10 per shar and 3 millions of $10 pare preferred shares 8

Finance Apr 25, 2021

Issued 10 milliion of $1 par common shares at $10 per shar and 3 millions of $10 pare preferred shares 8.8% at $25 per share

What is the journal entry

Expert Solution

Journal Entries:
Transaction	Account Titles and Explanation	Debit	Credit
1)	Cash (10,000,000*$10)	$100,000,000
	Common Stock (10,000,000*$1)		$10,000,000
	Paid in Capital in Excess of Par- Common Stock		$90,000,000
	(Being entry made for issue of common stock)

2)	Cash (3,000,000*$25)	$75,000,000
	Preferred Stock (3,000,000*$10)		$30,000,000
	Paid in Capital in Excess of Par- Preferred Stock		$45,000,000
	(Being entry made for issue of preferred stock)

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