A Corp is authorized to issue 2,000 shares of $50 par vale , 8% preferred stock.

They then issue 3,000 shares of preferrred stock for cash of $120 per share. Can they do this ? If so what is the journal entry for this 3000 shares issued?

As far as I know, the only way to issue more stock than authorized is to change the Company's Articles of Incorporation.

If this is done I would imagine the stock would be issued the same as prior stock.