Logan Corporation Issues 70000 Shares of $50 Par Value Preferred

question 191

Multiple Choice

Logan Corporation issues 70000 shares of $50 par value preferred stock for cash at $60 per share.Recording the transaction will consist of an increase to Cash for $4200000 and an increase(s) to

• A)Preferred Stock for $4200000.
• B)Preferred Stock for $3500000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $700000.
• C)Preferred Stock for $3500000 and Retained Earnings for $700000.
• D)Paid-in Capital from Preferred Stock for $4200000.

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Definitions:

Future Needs

Anticipated requirements or demands that an organization or individual will need to address in the coming period.

Supply Objectives

Defined goals that guide an organization's procurement strategy aiming for efficiency and sustainability in obtaining goods and services necessary for operations.

Corporate Objectives

Specific, measurable goals that a corporation aims to achieve within a certain time frame to fulfill its strategic vision.

Integration Supply Information

The process of combining and managing supply-related information across different stages of the supply chain for better coordination and decision-making.