Prepare the journal entry for the issuance

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Reference no: EM13126198

Lump-sum sales of stock with preferred stock) 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.
Instructions

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

B. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $170 per s

Reference no: EM13126198

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