Markus Industries is authorized by its corporate charter to issue 10,000 shares of preferred stock
Markus Industries is authorized by its corporate charter to issue 10,000 shares of preferred stock with a 7% dividend rate and a par value of $10 per share, and 25,000 shares of common stock with a par value of $2 per share. On January 15, 2011, Markus issued 400 shares of its preferred stock for $14 per share and 5,000 shares of common stock for $2.50 per share.
How much total cash did Markus raise through the January 15, 2011, stock issuance?
How are these journal entries recorded?
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