Estefan Corp. is authorized by its charter from the state of Wisconsin to issue 750 shares of preferred stock with a 7% dividend rate and a par value of $50 per share and 22,000 shares of common stock with a par value of $0.01 per share. On January 1, 2019, Estefan Corp. issues 250 shares of preferred stock at $55 per share and 12,200 shares of common stock at $13 per share. Prepare the journal entry to record the issuance of the stock.
Estefan Corp. is authorized by its charter from the state of Wisconsin to issue 750 shares of preferred stock with a 7% dividend rate and a par value of $50 per share and 22,000 shares of common stock with a par value of $0.01 per share. On January 1, 2019, Estefan Corp. issues 250 shares of preferred stock at $55 per share and 12,200 shares of common stock at $13 per share. Prepare the journal entry to record the issuance of the stock.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 10EB: Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first...
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