Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. vaughn inc. issues 500 shares of $10 par value com

Vaughn Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...

60.1K

Verified Solution

Question

Accounting

Vaughn Inc. issues 500 shares of $10 par value common stock and100 shares of $100 par value preferred stock for a lump sum of$108,000.

(a)Prepare the journal entry for the issuance when the marketprice of the common shares is $164 each and market price of thepreferred is $205 each.
(b)Prepare the journal entry for the issuance when only the marketprice of the common stock is known and it is $186 per share.

Answer & Explanation Solved by verified expert
4.3 Ratings (658 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How does the Coronavirus affect our community?

Biology
Q

For the just completed year, Hanna Company had net income of $134,000. Balances in the company’s...

Accounting
Q

xi Calculate the capacitance of a parallel plate capacitor with plate area A and distance...

Physics
Q

A real number between 2 and 7 will be picked according to the probability distribution...

Statistics
Q

Match the equation with its graph y x 36 25 1 5 y 10 12...

Calculus
Q

6 The displacement from equilibrium of an oscillating weight suspended by a spring is given...

Algebra
Q

Wesley Power Tools manufactures a wide variety of tools and accessories....

Accounting
Q

Financial assets include stocks and bonds. These are fairly simple securities that can often be...

Accounting
Q

Questions 4 through 10 that follow are based on the following December 31, 20X6 year-end...

Accounting
Q

A bond issue with a face amount of $300,000 bears interest at the rate of...

Accounting
Q

The law firm of Furlan and Benson accumulates costs associated with individual cases, using a...

Accounting
Q

Which of the following statements regarding the "Nominal and Real Interest Rate" is TRUE? ...

Finance