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Cornerstone Exercise 10-25 (Algorithmic) Recording the sale of Common and Preferred Stock Donahue Corporation is authorized by its charter from the state of Illinois to issue 750 shares of preferred stock with a 7% dividend rate and a par value of $50 per share and 22,000 shares of common stock with a par value of $0.01 per share on January 1, 2019, Donahue Corporation issues 250 shares of preferred stock at $55 per share and 12,600 shares of common stock at $13 per share. Required: Prepare the journal entry to record the issuance of the stock 2019 Jan. 1 Preferred Stock Cashx Additional Paldin Capital Preferred Stock Common Stock Additional Paid-in Capital - Common Stock (Racord sale of preferred and common ) When manis common or preferred as capital heriting ownership cam werd in the capito con of stockholders' Cornerstone Exercise 10-25 (Algorithmic) Recording the sale of Common and Preferred Stock Donahue Corporation is authorized by its charter from the state of Illinois to issue 750 shares o and 22,000 shares of common stock with a par value of $0.01 per share. On January 1, 2019, and 12,600 shares of common stock at $13 per share. Required: Prepare the journal entry to record the issuance of the stock. 2019 Jan. 1 Preferred Stock x 12,500 Capital - Preferred Stock Accounts Payable Accounts Receivable Cash Capital - Common Stock 146,787 x Common Stock Preferred Stock and common stock) Feedback Check My Work When companies sell common or preferred stock to raise capital, the resulting ownership claims are record Check My Work 2 more Check My Work uses remaining. All work saved. 1 UNTUI UNU Flelerleu SLUCR Donahue Corporation is authorized by its charter from the state of Illinois to issue 750 shares of and 22,000 shares of common stock with a par value of $0.01 per share. On January 1, 2019, D and 12,600 shares of common stock at $13 per share. Required: Prepare the journal entry to record the issuance of the stock. 2019 Jan. 1 Preferred Stock x 12,500 Cashx aid-In Capital - Preferred Stock Accounts Payable 1,250 113 Accounts Receivable bid-In Capital - Common Stock Cash freferred and common stock) Preferred Stock 146,787 x Retained Earnings Check My Work When companies sell common or preferred stock to raise capital, the resulting ownership claims are recorder Check My Work 2 more Check My Work uses remaining. All work saved MacBook Air

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