DRP,Inc.issued 50,000 shares of its own $50 par value preferred stock for cash of $110 per share,and issued 200,000 shares of its no-par common stock for cash of $40 per share.
Prepare the required journal entries for the issuance of each class of stock.

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The Answer of DRP,Inc.issued 50,000 shares of its own $50 par value preferred stock for cash of $110 per share,and issued 200,000 shares of its no-par common stock for cash of $40 per share.
Prepare the required journal entries for the issuance of each class of stock.

DRP,IncIssued 50,000 Shares of Its Own $50 Par Value Preferred