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Exercise
Sandhill Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $121,000.
(a) Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each.
(b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $212 per share.(Round answers to 0 decimal places, e.g. $1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
Record journal entries to account for the transactions and information and using Accpac, prepare the revised statement of financial position.
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