Teal Corporation issued 385 shares of $10 par value common stock and 1


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Teal Corporation issued 385 shares of $10 par value common stock and 127 shares of $50 par value preferred stock for a lump sum of $18,360. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.

Sale price $15.00 Regular price $30.00

Teal Corporation issued 385 shares of $10 par value common stock and 127 shares
of $50 par value preferred stock for a lump sum of $18,360. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.

Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation
Debit
Credit

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