Journalizing the transaction of stock issue for cash and

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Reference no: EM13356720

Journalizing the transaction of stock issue for cash and asset.

Tyler Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock.

(a) Issued 30,000 shares at $55 per share.
(b) Issued 10,000 shares for equipment having a $700,000 asking price. The stock had a market value of $60 per share

Instructions
Journalize the transactions.

Reference no: EM13356720

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