On September 1, Jordan Corp., issued 10,000 units. Each unit sold for $150. Each unit...
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On September 1, Jordan Corp., issued 10,000 units. Each unit sold for $150. Each unit gave its owner rights to 5 shares of common stock and 1 share of a new type of preferred stock. The par value of the common stock is $1 per share and the par value of the preferred stock is $10 per share. On September 1, the market price of the common stock was $11 per share. The market value of the preferred was unknown because no shares traded for a couple of months after September 1. Prepare the entries to reflect the issuance of the Units on September 1.
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