A company is authorized to issue 50,000 shares of $50 par, 10%, noncumulative, nonparticipating preferred stock and 500,000 shares of no-par common stock. Prepare journal entries to record the following selected transactions that occurred during this year.

Mar 1 issued 1,000 shares of common stock for $30 cash per share
mar 15 Exchanged 2,000 shares of preferred stock for equipment and merchandise inventory with market values of $90,000 and $20,000 respectively.


MAR 1



MAR 15

Please read this announcement.