Reference no: EM13151641
The Ice Corporation issues 30,000 shares of $50 par value preferred stock for cash at $60 per share.
The entry to record the transaction will consist of a debit to Cash for $1,800,000 and a credit or credits to:
a. Preferred Stock for $1,800,000.
b. Preferred Stock for $1,500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $300,000.
c. Preferred Stock for $1,500,000 and Retained Earnings for $300,000.
d. Paid-in Capital from Preferred Stock for $1,800,000.
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Entry to record the transaction basics
: The Ice Corporation issues 30,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $1,800,000 and a credit or credits to:
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