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Martian Magic Issued 800 Shares of $50 Par Preferred Stock

Question 41

Essay

Martian Magic issued 800 shares of $50 par preferred stock and 1000 shares of $1 par common stock in a "package" sale for $150,000. The preferred stock market value was $88 per share, and the common stock market value was $156 per share.
Required:
Fill in the lines below to indicate the accounts and amounts credited in the entry to record the issuance of the stock. Martian Magic issued 800 shares of $50 par preferred stock and 1000 shares of $1 par common stock in a package sale for $150,000. The preferred stock market value was $88 per share, and the common stock market value was $156 per share. Required: Fill in the lines below to indicate the accounts and amounts credited in the entry to record the issuance of the stock.

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