On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of $50 par preferred stock were issued at $111. What is the amount of the debit to Cash on May 1 and May 7?

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On May 1, 10,000 shares of common stock were issued at $30 each, resulting in a cash debit of $300,000 (10,000 shares x $30). On May 7, 5,000 shares of preferred stock were issued at $111 each, resulting in a cash debit of $555,000 (5,000 shares x $111).

On May 1, 10,000 Shares of $10 Par Common Stock