In its first year of operations, Novak Corp. had the following transactions pertaining to its...
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In its first year of operations, Novak Corp. had the following transactions pertaining to its $10 par value preferred stock. Feb. 1 Issued 8,800 shares for cash at $28 per share. July 1 Issued 6,500 shares for cash at $26 per share. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (Issued 8,800 shares at $28 per share) (Issued 6,500 shares at $26 per share) Indicate the amount to be reported for (1) preferred stock, and (2) paid-in capital in excess of par value-preferred stock at the end of the year. (1) Preferred stock (2) Paid-in Capital in Excess of Par Value-Preferred Stock $
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