Metlock Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $102,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $172 each and market price of the preferred is $215 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $174 per share. (b) (Round answers to O decimal places, eg. $1,225. Credit account titles are automatically indented when 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) No. Account Titles and Explanation Debit Credit
Metlock Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $102,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $172 each and market price of the preferred is $215 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $174 per share. (b) (Round answers to O decimal places, eg. $1,225. Credit account titles are automatically indented when 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) No. Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:(b)
I
Transcribed Image Text:Metlock Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of
$102,000.
(a)
(b)
(Round answers to O decimal places, eg. $1,225. Credit account titles are automatically indented when 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.)
No. Account Titles and Explanation
(a)
Prepare the journal entry for the issuance when the market price of the common shares is $172 each and market price of the
preferred is $215 each.
Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $174 per share.
(b)
I
Debit
Credit
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