FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Can I get help with this question please 2 pics one is question and the second one is answers 

Cash
Common Stock
No-Par Value Common Stock
Paid-in-Capital in Excess of Par Value -
Common Stock
Paid-in-Capital in Excess of Par Value-
Preferred Stock
Paid-in-Capital in Excess of Stated Value -
Common Stock
Preferred Stock
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Transcribed Image Text:Cash Common Stock No-Par Value Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Paid-in-Capital in Excess of Par Value- Preferred Stock Paid-in-Capital in Excess of Stated Value - Common Stock Preferred Stock
Share Issuances for Cash
Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at $68 per share and 12,000 shares of no-par value common stock at $15 per share. The common stock has no
stated value. All issuances were for cash.
a. Prepare the journal entries to record the share issuances.
b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $4 per share.
c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $2 per share.
General Journal
Ref.
Description
Debit
Credit
а.
$
2$
Preferred Stock
Issued 10,000 shares of preferred stock.
Issued 12,000 shares of no-par value common stock.
b.
Common Stock
Issued 12,000 shares of no-par common stock, statedvalue of $4, at $15 per share.
С.
Common Stock
Issued 12,000 sharesat $2 par value common stock at$15 per share.
uoddns
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Transcribed Image Text:Share Issuances for Cash Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at $68 per share and 12,000 shares of no-par value common stock at $15 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances. b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $4 per share. c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $2 per share. General Journal Ref. Description Debit Credit а. $ 2$ Preferred Stock Issued 10,000 shares of preferred stock. Issued 12,000 shares of no-par value common stock. b. Common Stock Issued 12,000 shares of no-par common stock, statedvalue of $4, at $15 per share. С. Common Stock Issued 12,000 sharesat $2 par value common stock at$15 per share. uoddns
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