Ravonette Corporation issued 334 shares of $13 par value common stock and 107 sh
ID: 2418144 • Letter: R
Question
Ravonette Corporation issued 334 shares of $13 par value common stock and 107 shares of $51 par value preferred stock for a lump sum of $17,685. 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
Cash account debit 17685
Common stock account credit (334*13) 4343
Preferred stock account credit (107*51) 5457
Paid in capital in excess of par account credit 7886
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