Share Issuances for Cash Finlay, Inc. issued 11.000 shares of $50 par value preferred stock at $70 per share and 15.000 shares of no- par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances. b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $5 per share Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share.

Share Issuances for Cash Finlay, Inc. issued 11.000 shares of $50 par value preferred stock at $70 per share and 15.000 shares of no- par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances. b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $5 per share Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter15: Shareholders’ Equity: Capital Contributions And Distributions

Section: Chapter Questions

Problem 16E

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