Lump-Sum Sales of Stock with Preferred Stock)

Hartman
Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par
value preferred stock for a lump sum of $100,000.

(a) Prepare
the journal entry for the issuance when the market price of the common shares
is $168 each and market price of the preferred is $210 each. (Round to nearest
dollar.)

(b) Prepare the journal entry for the issuance when
only the market price of the common stock is known and it is $170 per share. answer