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Prepare the journal entry to record the recall

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Reference no: EM13869532

On March 4, 2010, the Hein Corporation issues 1,000 shares of $100 par preferred stock for $125 per share. The stock is not callable by the corporation until three years have expired. On April 7, 2013, all the stock is called by the corporation.

Required:
1. Prepare the journal entry to record the issuance of the stock.
2. Prepare the journal entry to record the recall
a. At a price of $130 per share.
b. At a price of $114 per share.

Reference no: EM13869532

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