Nice Corporation Issues 30,000 Shares of $100 Par Value Preferred

question 158

Multiple Choice

Nice Corporation issues 30,000 shares of $100 par value preferred stock for cash at $110 per share. The entry to record the transaction will consist of a debit to Cash for $3,300,000 and a credit or credits to

• A) Preferred Stock for $3,300,000.
• B) Preferred Stock for $3,000,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $300,000.
• C) Preferred Stock for $3,000,000 and Retained Earnings for $300,000.
• D) Paid-in Capital from Preferred Stock for $3,300,000.

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Definitions:

Population Mean

The average value of a population attribute.

Population Standard Error

The standard deviation of a sampling distribution, measuring the dispersion of sample means around the population mean.

Confidence Interval

A range of values, derived from the statistics of observed data, that is likely to contain the value of an unknown population parameter.

Mean

The average of a set of numbers, calculated by dividing the sum of all values by the number of values.