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Crane Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $101,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $155 each and market price of the preferred is $333 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $172 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. 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.)

Crane Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $101,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $155 each and market price of the preferred is $333 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $172 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. 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.)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 39MCQ: Which of the following are not part of common equity? a. preferred stock c. retained earnings b....
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b. Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock
Transcribed Image Text:b. Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock
Current Attempt in Progress Crane Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $101,000. a. b. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. 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.) Prepare the journal entry for the issuance when the market price of the common shares is $155 each and market price of the preferred is $333 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $172 per share. No. Account Titles and Explanation a. b. Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock Cash Debit 101000 Credit 5000
Transcribed Image Text:Current Attempt in Progress Crane Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $101,000. a. b. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. 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.) Prepare the journal entry for the issuance when the market price of the common shares is $155 each and market price of the preferred is $333 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $172 per share. No. Account Titles and Explanation a. b. Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock Cash Debit 101000 Credit 5000
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