Please include all of the cacluations on how you arrived at these answers. Thank

Question

Please include all of the cacluations on how you arrived at these answers. Thank you!

Ravonette Corporation issued 310 shares of $13 par value common stock and 140 shares of $46 par value preferred stock for a lump sum of $17,500. The common stock has a market price of $23 per share, and the preferred stock has a market price of $96 per share. Prepare the journal entry to record the issuance. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round answers to zero decimal places, e.g. 16, 210.)

Explanation / Answer

Debit Credit Cash 17500 Preferred Stock 6440 Paid in capital in Excess of Par-Preferred Stock 4994 Common Stock 4030 Paid in capital in Excess of Par-Common Stock 2036

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