In Its First Year of Operations, Webber Corporation Had the Following

question 5

Essay

In its first year of operations, Webber Corporation had the following transactions pertaining to its $10 par value preferred stock.
Feb. 1 Issued 6,000 shares for cash at $41 per share.
Nov. 1 Issued 3,000 shares for cash at $44 per share.
Instructions
(a) Journalize the transactions.
(b) Indicate the amount to be reported for (1) preferred stock, and (2) paid-in capital in excess of par value-preferred stock at the end of the year.

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Definitions:

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