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Culver Inc. issues 500 shares of $10 par value common stock and 100 shares of...

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Accounting

Culver Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $117,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $176 each and market price of the preferred is $220 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $204 per share.

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