Question

CALCULATOR PRINTER VERSION BACRINEXT Question 5 Pina Corporation issued 311 shares of $10 par value common stock and 112 shares of $50 par value preferred stock for a lump sum of $15,678. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g. 1,520. 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.) Account Titles and Explanation Debit Credit Cash 15678 Preferred Stock Common Stock Paid-in Capital in Excess of Par - Preferred Stock Paid-in Capital in Excess of Par - Common Stock Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER

Answer 1

working: PIC in excess Par value Amount to Allocation % be Allocated per share Total Par value of par h=e-g #shares MV per share FV e=d*15678f c=a*b d 6220 35.70608% b g=a*f 10 2488 311 20 5598 3110 common 100 11200 64.29392% Preferred 112 10080 50 5600 4480 17420 15678