The journal entry to record the issuance is:Debit cash $8,500; Credit paid-in capital excess par value; Credit preferred stock $7,000
Journal entry
Based on the information given the appropriate journal entry to record the issuance is:
Journal entry
Debit Cash $8,500
Credit paid-in capital excess par value $1,500
($8,500-$7,000)
Credit preferred stock $7,000
(70 shares×$100)
(To record the issuance)
Therefore the journal entry to record the issuance is:Debit cash $8,500; Credit paid-in capital excess par value; Credit preferred stock $7,000
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