Use the Following Information for Questions

question 111

Multiple Choice

Use the following information for questions
Fair Corporation issues 7,500 preferred shares for $25 per share.
-The entry to record the transaction will consist of a debit to Cash for $187,500 and a credit or credits to

• A)Preferred Shares for $187,500.
• B)Preferred Shares for $100,000 and Share Capital for $87,500.
• C)Preferred Shares for $100,000 and Retained Earnings for $87,500.
• D)Investment in Preferred Shares for $187,500.

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