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What effects of the transaction above will be reported

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Problem 1: Novak Corp. issues 73000 shares of $50 par value preferred stock for cash at $55 per share. The entry to record the transaction will consist of a debit to Cash for $4015000 and a credit or credits to

A. Preferred Stock for $3650000 and Retained Earnings for $365000.

B. Preferred Stock for $4015000.

C. Preferred Stock for $3650000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $365000.

D. Paid-in Capital from Preferred Stock for $4015000.

Problem 2: Pharoah Company issues 44000 shares of $50 par value preferred stock for cash at $65 per share. In the stockholders' equity section, the effects of the transaction above will be reported

A. under both the capital stock and additional paid-in capital sections.

B. entirely within the additional paid-in capital section.

C. entirely under the retained earnings section.

D. entirely within the capital stock section.

Reference no: EM132809311

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