Value preferred stock for cash

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Reference no: EM13132646

The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $700,000 and a credit or credits to:

a. Preferred Stock for $500,000 and Retained Earnings for $200,000.

b. Paid-in Capital from Preferred Stock for $700,000.

c. Preferred stock for $500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $200,000.

d. Preferred Stock for $700,000.

Reference no: EM13132646

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