Black diamond inc issues 2500 shares o 1 par value common

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Reference no: EM13390003

Black Diamond Inc. issues 2,500 shares o 1 par value common stock and 1,000 shares of $50 par value preferred stock for a lump sum of 275,000.

Instructions

(a) Prepare the journal entry for the issuance when the market value of the common shares is $95 each and market value of the preferred is $60 each.

(b) Prepare the journal entry for the issuance when only the market value of the common stock is known and it is $90 per share.

Reference no: EM13390003

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