PLEASE ANSWER PART B) OF THIS PROBLEM , PART A) NEEDS TO BE USED IN ORDER TO DO

Question

PLEASE ANSWER PART B) OF THIS PROBLEM, PART A) NEEDS TO BE USED IN ORDER TO DO PART B ), I HAVE PROVIDED THE CORRECT ANSWER FOR PART A)

Exercise 11-10 (Part Level Submission)

(b)

Preferred Stock

Date

Explanation

Ref.

Debit

Credit

Balance

Paid-in Capital in Excess of Par—Preferred Stock

Date

Explanation

Ref.

Debit

Credit

Balance

PLEASE ANSWER PART B) OF THIS PROBLEM, PART A) NEEDS TO BE USED IN ORDER TO DO PART B ), I HAVE PROVIDED THE CORRECT ANSWER FOR PART A)

Exercise 11-10 (Part Level Submission)

Tran Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $48. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 19,500 shares for cash at $58 per share. July   1 Issued 11,500 shares for cash at $62 per share.

Explanation / Answer

Post to the stockholders’ equity accounts

Preferred stock Date Explanation Ref Debit credit Balance Feb 1 Issued 19,500 shares for cash at $58 per share 936000 936000 July 1 Issued 11,500 shares for cash at $62 per share. 552000 1488000 Paid-in Capital in Excess of Par—Preferred Stock Date explanation Ref Debit credit Balance Feb 1 Issued 19,500 shares for cash at $58 per share 195000 195000 July 1 Issued 11,500 shares for cash at $62 per share. 161000 356000

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