Current Attempt in Progress Swifty Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $103,000. a. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. b. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $176 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to 0 decimal places, e. g. 1,225. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit a. cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock a. cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par Preferred Stock b. Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid - in Capital in Excess of Par Preferred Stock eTextbook and Media List of Accounts
Current Attempt in Progress Swifty Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $103,000. a. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. b. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $176 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to 0 decimal places, e. g. 1,225. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit a. cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock a. cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par Preferred Stock b. Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid - in Capital in Excess of Par Preferred Stock eTextbook and Media List of Accounts
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter15: Shareholders’ Equity: Capital Contributions And Distributions
Section: Chapter Questions
Problem 16E
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Question
Transcribed Image Text:Current Attempt in Progress Swifty Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par
value preferred stock for a lump sum of $103,000. a. Prepare the journal entry for the issuance when the market price
of the common shares is $168 each and market price of the preferred is $210 each. b. Prepare the journal entry for the
issuance when only the market price of the common stock is known and it is $176 per share. (List all debit entries before
credit entries. Do not round intermediate calculations. Round final answers to 0 decimal places, e. g. 1,225. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit a.
cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par -
Preferred Stock a. cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in
Capital in Excess of Par Preferred Stock b. Cash Common Stock Paid-in Capital in Excess of Par - Common Stock
Preferred Stock Paid - in Capital in Excess of Par Preferred Stock eTextbook and Media List of Accounts
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