ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 318

d. When the future events will possibly occur and the amount
can be reasonably estimated.
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ACC 304 Week 9 Chapter 15 Homework
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1) Ravonette Corporation issued 375 shares of $14 par value
common stock and 128 shares of $51 par value preferred stock
for a lump sum of $17,118. The common stock has a market
price of $20 per share, and the preferred stock has a market
price of $90 per share.

Prepare the journal entry to record the issuance. (Round answers
to 0 decimal places, e.g., 1520. Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)