Homework Answers
Answer
- Correct Answer = Option #4: $ 134,187
- Workings
|
No. of shares |
Market Price |
Total |
|
|
Common Stock |
5900 |
$25 |
$147,500 |
|
Preferred Stock |
8400 |
$20 |
$168,000 |
|
Total fair Market Value |
$315,500 |
||
|
Preferred Stock |
|
|
Total Lumpsum Issue Price |
$252,000 |
|
Allocation formula |
252000 x 168000/315500 |
|
Allocated |
$134,187 = ANSWER |
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stock and 123 shares of $50 par value preferred stock for a lump
sum of $16,587. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $90 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...
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