Give the entry for the issuance assuming the par value of

Assignment Help Accounting Basics

Reference no: EM13599981

Parker Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash.

Instructions:

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

(b) Give the entry for the issuance assuming the same facts as (a) above except the preferred stock has no ready market value, and the common stock has a market value of $25 per share.

Reference no: EM13599981

Questions Cloud

If a transfer price of 105 per unit is established and : materials used by the industrial divison of crow manufacturing are currently purchased from outside suppliers at a cost

Explain how the applications of integer programming differ : explain how the applications of integer programming differ from those of linear programming. why is rounding-down an lp

Agassi corp is preparing the comparative financial : agassi corp is preparing the comparative financial statements to be included in the annual report to stockholders.

At december 31 2010 sager co had 1200000 shares of common : at december 31 2010 sager co. had 1200000 shares of common stock outstanding. in addition sager had 450000 shares of

Give the entry for the issuance assuming the par value of : parker corporation has issued 2000 shares of common stock and 400 shares of preferred stock for a lump sum of 72000

Outdoor charlies is introducing a new fishing pole and is : outdoor charlies is introducing a new fishing pole and is trying to decide what to charge for it. the company has

The management of horton company estimates that credit : the management of horton company estimates that credit sales for august september october and november will be 270000

Rollie company is launching a new cleaning product for : rollie company is launching a new cleaning product for ceramic vases. the company invests 1200000 in operating assets

At december 31 2010 sager co had 1200000 shares of common : at december 31 2010 sager co. had 1200000 shares of common stock outstanding. in addition sager had 450000 shares of

User Account

All Pages