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What is the correct entry for the sale

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Reference no: EM132630587

Problem 1: What is the correct entry for the sale of 2,900 shares of $25 par value preferred stock for $188,500 cash?

Option A Cash 188,500

Preferred stock 188,500

Option B Cash 72,500

Preferred stock 72,500

Option C Cash 188,500

Gain on sale of preferred stock 116,000

Preferred stock 72,500

Option D Cash 188,500

Preferred stock 72,500

Capital in excess of par, preferred stock 116,000

Reference no: EM132630587

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