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Which the entry to record the transaction includes

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Problem 1: Preferred stock has no differential treatment than with common stock for both dividends and liquidation proceeds.

a) True b) False

Problem 2: Andy Corporation issues 5,000 shares of $10 par value common stock for $12 cash per share. The entry to record this transaction includes:

a) A debit to Paid-In-Capital in Excess of Par Value for $12,000.

b) A credit to cash for $60,000.

c) A credit to Common Stock for $50,000.

d) None of the above.

Reference no: EM132996113

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