Business, 12.02.2021 09:40 Dmgirl123

Flounder Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $104,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $178 per share.

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

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