Rhoads Corporation is authorized to issue 250,000 shares of $50 par, 10%, noncumulative, nonparticipating preferred stock and 5,000,000 shares of no-par common stock. Prepare journal entries to record the following selected transactions that occurred during this year: Feb. 1Issued 10,000 shares of common stock for $30 cash per shareFeb. 15Exchanged 2,000 shares of preferred stock for equipment and merchandise inventory with market values of $80,000 and $30,000, respectively.
What will be an ideal response?
| Feb. 1 | Cash …………………………………………. | 300,000 | ? |
| ? | Common Stock, No-Par (10,000 * $30) …… | ? | 300,000 |
| ? | ? | ? | ? |
| 15 | Equipment …………………………………… | 80,000 | ? |
| ? | Inventory …………………………………… | 30,000 | ? |
| ? | Preferred Stock (2,000 * $50)………………. | ? | 100,000 |
| ? | Paid-in Capital in Excess of Par Value, | ? | ? |
| ? | Preferred Stock ……………………………. | ? | 10,000 |
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