Question

CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK Brief Exercise 15-4 Flounder Corporation issued 380 shares of $10 par value common stock and 107 shares of $50 par value preferred stock for a lump sum of $15,507. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. mal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. o.546872 and final answers to O 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 En for the account titles and enter O for the amounts.) Debit Credit Account Titles and Explanation SUBMIT ANSWER Question Attempts: O of 3 used SAVE FOR LATER

Answer 1

Ans:

Accounts Title And Explanation	Debit	Credit
Cash	$15507
Preferred Stock		$5350
Paid-in capital in excess of preferred Stock		$3334
Common Stock		$3800
Paid-in capital in excess of Common Stock		$3023
Workings:
Allocation	Common Stock	Preferred Stock
Issue Price	15507	15507
Allocation %	44%	56%
Total	6823	8684

Particulars	Shares	Market Price	Total	Allocation
Common Stock	380	20	7600	44%
Preferred Stock	107	90	9630	56%
			17,230