FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concord Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $105,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $174 each and market price of the preferred is $218 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $180 per share.
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Transcribed Image Text:Concord Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $105,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $174 each and market price of the preferred is $218 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $180 per share.
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Step 1: Introduction of issuing shares
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Step 2: Calculation of the FMV and amount allocated
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Step 3: Requirement a - Journal entry to record the issuance
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Step 4: Requirement b - Journal entry to record the issuance
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