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Prepare the journal entry for the issuance

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Reference no: EM131106642

1. Hartman Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.

(a) Prepare the journal entry for the issuance when the market value of the common shares is $168 each and market value of the preferred is $210 each. (Round to nearest dollar.)

(b) Prepare the journal entry for the issuance when only the market value of the common stock is known and it is $170 per share.

Reference no: EM131106642

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