Business, 31.03.2021 01:00, sarah19Nursing

Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. 1) The common stock has a market value of $20 per share, and the preferred stock has a market value of $90 per share.
2) The common stock has a market value of $20 per share, and the value of preferred stock is unknown.
Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e. g., 1520. 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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Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par valu...