Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of$108,000.a.b.Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of thepreferred is $210 each.Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $186 per share.(List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)No. Account Titles and Explanationa.CashCommon StockPaid-in Capital in Excess of Par - Common StockPreferred StockPaid-in Capital in Excess of Par - Preferred StockDebit108000Credit5000840001000011000

The journal entries are prepared for recording the transactions on regular basis. From using…

Answered: Windsor Inc. issues 500 shares of $10…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...

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Windsor Inc. issues 500 shares of $10 par value c $108,000. a. b. Prepare the journal entry for the issuance preferred is $210 each. Prepare the journal entry for the issuance List all debit entries before credit entries. Do not rou