29)

Bramble Corp. issues 62000 shares of $50 par value preferred stock for cash at $55 per share. The entry to record the transaction will consist of a debit to Cash for $3410000 and a credit or credits to O Paid-in Capital from Preferred Stock for $3410000. Preferred Stock for $3410000. Preferred Stock for $3100000 and Retained Earnings for $310000. Preferred Stock for $3100000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $310000