Logan Corporation Issues 40,000 Shares of $50 Par Value Preferred

question 131

Multiple Choice

Logan Corporation issues 40,000 shares of $50 par value preferred stock for cash at $60 per share.In the stockholders' equity section, the effects of the transaction above will be reported

• A)entirely within the capital stock section.
• B)entirely within the additional paid-in capital section.
• C)under both the capital stock and additional paid-in capital sections.
• D)entirely under the retained earnings section.

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