Equinox outdoor wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $30 per share. record the issuance of the preferred shares. (if no entry is required for a particular transaction/event, select "no journal entry required" in the first account field.)

The journal entry for the issuance of the preferred stock is shown below:

Explanation:

Cash A/cDr   $30,000

    Preference Stock A/cCr $10

    Paid in Capital in excess of Par A/cCr   $29,990

Working Note:

Cash = Shares × Issued price per share

where

Shares are 1,000

Issued Price per share is $30

= 1,000 × $30

= $30,000

Preference Stock = Shares × Par price

= 1,000 × $0.01

=$ 10

Paid in Capital in excess of Par = Cash - Preference stock

= $30,000 - $10

= $29,990

a corporation is legally separate from its owner, and it pays its own taxes.

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