Brief Exercise 15-4 Sarasota Corporation issued 361 shares of $10 par value comm

Question

Brief Exercise 15-4
Sarasota Corporation issued 361 shares of $10 par value common stock and 152 shares of $50 par value preferred stock for a lump sum of $18,810. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share.

Prepare the journal entry to record the issuance. Need help with the incorrect mark. Thanks!

Brief Exercise 15-4 Your answer is partially correct. Try again. Sarasota Corporation issued 361 shares of $10 par value common stock and 152 shares of $50 par value preferred stock for a lump sum of $18,810. The common stock has a market price of $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 0 decimal places, e.g., 1,520. 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 O for the amounts.) Account Titles and Explanation Debit Credit Cash 18,810 7,600 Preferred Stock Paid-in Capital in Excess of Par - Preferred 3,990 Common Stock 3,610 Paid-in Capital in Excess of Par - Common 3,610

Explanation / Answer

Account titles and explanation Debit Credit Cash $18,810 Preferred Stock $7,600 Paid-in Capital in Excess of Par-Preferred $4,712 Common Stock $3,610 Paid-in Capital in Excess of Par-Common $2,888

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