Homework Answers
Total fair value
= (9000*20) + (14,000*20)
= 180,000 + 280,000
= 460,000
Proceeds allocated to common stock
= 510,000 * (180,000/460,000)
=199565
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shares of preferred stock for a lump sum of $55,000 cash.
Give the entry for the issuance assuming the par value of the
common stock was $5 and the fair value $30, and the par value of
the preferred stock was $40 and the fair value $50. (Each valuation
is on a per share basis and there are ready markets for each
stock.) (Credit account titles are automatically
indented...
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