Florida Corporation has two classes of stock common, S4 par value, and preferred, 525 par value....

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Florida Corporation has two classes of stock common, S4 par value, and preferred, 525 par value. Requirements 1. Journalize F

wo classes of stock common, S4 par value and preferred, 525 por value Requirements 1. Journalize Floridas issuance of 4,500

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Answer 1

Answer #1

Requirement 1:

Date	Account title and Explanation	Debit	Credit
	Cash [4,500 x $15]	$67,500
	Common stock [4,500 x $4 par]		$18,000
	Paid-in capital in excess of par-common stock		$49,500
	[To record issuance of common stock]

Requirement 2:

Date	Account title and Explanation	Debit	Credit
	Cash	$112,500
	Preferred stock [4,500 x $25 par]		$112,500
	[To record issuance of preferred stock]

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Answer 2

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