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Give the entry for the issuance

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Question - Sheridan Company has issued 1,700 shares of common stock and 340 shares of preferred stock for a lump sum of $63,000 cash.

Part 1 - Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.)

Part 2 - Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $22 per share, and the par value of the preferred stock was $40and has no ready market.

Reference no: EM133064672

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