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Penland Corporation is authorized to issue both preferred and common stock The par value of the preferred is $50 During the first year of operations the company had the following events and

Penland Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Feb. 1 Issued 40,000 shares for cash at $51 per share.

July 1 Issued 60,000 shares for cash at $56 per share.

Instructions

(a) Journalize the transactions.

(b) Post to the stockholders’ equity accounts. (Use T-accounts.)

(c) Discuss the statement presentation of the accounts.

Mar 28 2020 Read more Less More

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