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Question
Rhoads Corporation is authorized to issue 250,000 shares of $50 par, 10%, noncumulative, nonparticipating preferred stock and 5,000,000 shares of no-par common stock. Prepare journal entries to record the following selected transactions that occurred during this year:| Feb. 1 | Issued 10,000 shares of common stock for $30 cash per share. |
| 15 | Exchanged 2,000 shares of preferred stock for equipment and merchandise inventory with market values of $80,000 and $30,000, respectively. |
Answer
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Variable manufacturing overhead
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