Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Retro issues 4,000 shares of preferred stock for land with an asking price of $500,000 and a market value of $440,000, which of the following would be the journal entry for Retro to record?

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The Answer of Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Retro issues 4,000 shares of preferred stock for land with an asking price of $500,000 and a market value of $440,000, which of the following would be the journal entry for Retro to record?

Retro Company Is Authorized to Issue 10,000 Shares of 8