Peterson Company issued 4,000 shares of preferred stock for $240,000. The stock has a par value of $60 per share. Provide the journal entry for this transaction.

Name: Peterson Company issued 4,000 shares of preferred stock for $240,000. The stock has a par value of $60 per share. Provide the journal entry for this transaction.
Brand: Quizplus
Rating: 4.8 (59 reviews)

Question

Quizplus · Accepted Answer

The Answer of Peterson Company issued 4,000 shares of preferred stock for $240,000. The stock has a par value of $60 per share. Provide the journal entry for this transaction.

Peterson Company Issued 4,000 Shares of Preferred Stock for $240,000