Polzin Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50.
During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 20,000 shares for cash at $53 per share.
July 1 Issued 12,000 shares for cash at $57 per share.
Instructions
(a) Journalize the transactions.
(b) Post to the stockholders' equity accounts.
(c) Indicate the financial statement presentation of the related accounts.