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.
Required:
Prepare the required journal entries for the issuance of each class of stock.

Question

Quizplus · Accepted Answer

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.
Required:
Prepare the required journal entries for the issuance of each class of stock.

DRP, Inc Issued 50,000 Shares of Its Own $50 Par Value