Preferred Stock Accounting Journal Entry Examples, Concepts, Illustrations, Sample Help Online
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What is Preferred Stock?
Preferred Stock refers to a class of a company’s shares that have preference over the profits and net assets of the company. This means they are paid before any payment is made to common stockholders otherwise preferred stock are no different then, the common stock. They are also paid only after all debts have been paid at the time of winding of a company.
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Preferred Stock Accounting Journal Entry Examples Explanation
Let us make the concept clear with the help of an example.
Example: Suppose a company has $1,000,000 in cash and $2,000,000 worth of property, plant and equipment and it issued 100,000 shares of preferred stock of $30 par value on which dividend is $3 per share.
The following journal entry is required to be recorded:
Property, plant and equipment 2,000,000
Preferred stock ($30 × 100,000) 3,000,000
In case, the issue price of preferred stock is different than its par value then the amount showing the par value is credited to the preferred stock account and the rest of the consideration is treated as additional paid-in capital.
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