Tran Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb.1Issued 20,000 shares for cash at $53 per share.July1Issued 12,000 shares for cash at $57 per share.Instructions
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts.
(c) Indicate the financial statement presentation of the related accounts.
?Prepare correct entries for capital stock transactions.