Wildhorse Corporation issued 420 shares of $10 par value common stock and 126 shares of $50 par value preferred stock for a lumpsum of $18,900. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,125.)Account Titles and ExplanationCashCommon StockPreferred StockPaid-in Capital in Excess of Par-Common StockPaid-in Capital in Excess of Par-Preferred StockDebit18900000Credit4200630063006461

The shares are allocated the lump sum amount to different shares on the basis of ratio of fair…

Answered: Wildhorse Corporation issued 420 shares…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Windsor, Inc. issues 8,500 shares of $105 par value preferred stock for cash at $114 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit
Monty Inc. issues 4,550 shares of $100 par value preferred stock for cash at $140 per share. Journalize the issuance of the preferred stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Shamrock, Inc. issues 9,100 shares of $106 par value preferred stock for cash at $114 per share.Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
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On July 6, Clayton Corporation issued 3,000 shares of its $1.50 par common stock. The market price of the stock on that date was $18 per share. Journalize the issuance of the stock. (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 O for the amounts.) Date Account Titles and Explanation July 6 Debit Credit
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