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Hartman Inc. issues 500 shares of $8 par value common stock and 100 shares of $106 par value preferred stock for a lump sum of $107,000.

(a) Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $214 each.

(b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $184.80 per share.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948705

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