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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Assume that Lily Corporation has outstanding 1,500 shares of $150 par callable preferred stock that were issued at $175 per share, and that no dividends are in arrears. If the call price is $185 per share, what journal entry will Lily make to record the recall of these shares?
Prepare a journal entry to record the recall of preferred stock.
Preferred stock: The stock that provides a fixed amount of return (dividend) to its stockholder before paying dividends to common stockholders is referred as preferred stock.
Prepare a journal entry to record the recall of preferred stock:
| Accounts title and explanation | Debit in $ | Credit in $ |
| Preferred stock, $150 par | $225,000 | Â |
| Additional paid-in capital on preferred stock | $37,500 | Â |
| Retained earnings | $15, |
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