QType your answerlanks and submitX₂X² 2.Company issues (sells) 1,000 Class A Ordinary shares and 1,000 Class B Preferred shares for total proceeds of$24,000.Situation B-market price of ordinary shares is $15 per share and market price of preferred shares is unknownas it is a new issue. Company elects to use the residual value method to value.In the journal entry to record this acquisition, what would I credit for ordinary shares? For preferred shares?Please found your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs inyour final answer.Ordinary/Common Shares - Type your answer herePreferred Shares - Type your answer herePlease round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs inyour final answer.MacBook AirDIIDDKF12F9F10F11FóF8%56T87&YGHTENBUJ8M-(9KO<)OLP| 1V:1{+ 11[24?11.del-

A company can issue either ordinary equity share or preferred share.In real situation,preferred…

Company issues (sells) 1,000 Class A Ordinary shares and 1,000 Class B Preferred shares for total proceeds of $24,000. Situation B-market price of ordinary shares is $15 per share and market price of preferred shares is unknown as it is a new issue. Company elects to use the residual value method to value.

Company issues (sells) 1,000 Class A Ordinary shares and 1,000 Class B Preferred shares for total proceeds of $24,000. Situation B-market price of ordinary shares is $15 per share and market price of preferred shares is unknown as it is a new issue. Company elects to use the residual value method to value.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 23E

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