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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