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Peacock Ltd. owned 90,000 of Seagull Corporation's 100,000 common shares. On January 1, 2020, Peacock carried a balance in its "Investment in Seagull" account of $1,400,000. Peacock also had a balance of $20,000 in its contributed surplus account. On January 1, 2020, Seagull issued an additional 25,000 common shares for $12.50 per share. Peacock chose to not purchase any of the new shares issued on January 1, 2020.
Problem 1: Prepare the journal entry to be recorded on the books of Peacock Ltd. to record the effect of Seagull issuing new common shares.
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