Ravonette Corporation issued 369 shares of $14 par value common stock and 134 sh

ID: 2418029 • Letter: R

Question

Ravonette Corporation issued 369 shares of $14 par value common stock and 134 shares of $48 par value preferred stock for a lump sum of $20,817. The common stock has a market price of $30 per share, and the preferred stock has a market price of $90 per share.

Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520. Credit account 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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Account title and explanation

Debit

Credit

Cash

20817

Common stock, $14 par

5166

Preferred stock, 48 par

6432

Paid in capital in excess of par- common stock

4106

Paid in capital in excess of par- preferred stock

5113