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Prepare the journal entry to record the issuance

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Reference no: EM132707595

Question - Albert Corp. issued 2,000 shares of $50 par value preferred stock at $70 per share on 3/1/2018. A warrant is attached to each share of preferred stock to allow the holder to purchase one share of $1 par common stock at $20 per share. Immediate after the issuance, the preferred began selling ex-right on the market for $68 per share while the warrant began selling for $5 per share. On 4/20/2018, 1,000 warrants were exercised.

Required - Prepare the journal entry to record the issuance of 1,000 shares of common stock on 4/20/2018.

Reference no: EM132707595

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