Headland Corporation issued 380 shares of 10 par value commo

Headland 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 $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 O decimal places, e.g., 1,520. Cred 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 am Account Titles and Explanation Debit Credit

Solution

Cash 15507    Preferred Stock 5350    Paid-in capital in excess of stated value - PS 3334    Common Stock 3800    Paid-in capital in excess of stated value - CS 3023 Shares Market Price Total Allocation % Common Stock 380 20 7600                      44 Preferred Stock 107 90 9630                      56 17230 Allocation Common Stock Preferred Stock Issue Price 15507 15507 Allocation % 44% 56% Total 6823 8684