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Entries for Issuing Stock On January 22, Muir Corporation issued for cash 27,000 shares of no-par...

Entries for Issuing Stock On January 22, Muir Corporation issued for cash 27,000 shares of no-par common stock at $45. On February 14, Muir issued at par 9,000 shares of 8%, $100 par preferred stock for cash. On August 30, Muir Corporation issued for cash 28,000 shares of preferred 8% stock, $100 par at $109. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug. 30

Homework Answers

Answer #1
Account Debit Credit
jan.22 Cash           1,215,000
Common stock           1,215,000
Feb.14 Cash              900,000
Preferred stock              900,000
Aug.30 Cash           3,052,000
Preferred stock           2,800,000
Additional paid in capital -preferred stock              252,000
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