On January 1, 2016, Moulin Company issued 1,200 shares of $60 par callable preferred shares for $180,000. According to the preferred share agreement, Moulin can call these preferred shares on January 1, 2018, for $150 per share. On January 1, 2018, Moulin calls the shares.
a. What is the journal entry to record the issuance of the preferred shares?
b. What is the journal entry when Moulin calls the preferred shares?

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The Answer of On January 1, 2016, Moulin Company issued 1,200 shares of $60 par callable preferred shares for $180,000. According to the preferred share agreement, Moulin can call these preferred shares on January 1, 2018, for $150 per share. On January 1, 2018, Moulin calls the shares.
a. What is the journal entry to record the issuance of the preferred shares?
b. What is the journal entry when Moulin calls the preferred shares?

On January 1, 2016, Moulin Company Issued 1,200 Shares of $60