11 MChapter 10 - ACCT 2 X * CengageNOWv2 | Or X G Augusta Corporation X M Grace, FREE homewo X b My Questions | bartl X agenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse G eBook Calculator Brief Exercise 10-40 (Algorithmic) Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 114,000 common stock and 12,000 preferred stock. The State of Ohio authorized Mulligan to issue 13,000 shares of 6% preferred stock with a par value of $30 per share and 115,000 shares of common stock with a par value of $9 per share. Any preferred stock sold during the year had a selling price of $36.00 per share. Mulligan's common stock was issued at $21. Required: Prepare the journal entry to record the issuance of stock during the year. Cash Preferred Stock Retained Earnings (Record sale of preferred and common stock) 12:49 PM arch е н 4/9/2020 DELL PrtScr Insert Home End Delete F8 F9 F10 F11 F12 F2 F3 F4 F5 F6 F7 %23 24 & ) Backspace 4 + || * 00 00000

11 MChapter 10 - ACCT 2 X * CengageNOWv2 | Or X G Augusta Corporation X M Grace, FREE homewo X b My Questions | bartl X agenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse G eBook Calculator Brief Exercise 10-40 (Algorithmic) Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 114,000 common stock and 12,000 preferred stock. The State of Ohio authorized Mulligan to issue 13,000 shares of 6% preferred stock with a par value of $30 per share and 115,000 shares of common stock with a par value of $9 per share. Any preferred stock sold during the year had a selling price of $36.00 per share. Mulligan's common stock was issued at $21. Required: Prepare the journal entry to record the issuance of stock during the year. Cash Preferred Stock Retained Earnings (Record sale of preferred and common stock) 12:49 PM arch е н 4/9/2020 DELL PrtScr Insert Home End Delete F8 F9 F10 F11 F12 F2 F3 F4 F5 F6 F7 %23 24 & ) Backspace 4 + || * 00 00000

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.4C

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