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3 A company issued 1,600 shares of $6 par value preferred stock for $7 per share. What is true about the journal entry to record

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A company issued 1,600 shares of $6 par value preferred stock for $7 per share. What is true about the journal entry to record the issuance? Multiple Choice Credit Additional Paid-In Capital $1,600 (0) Credit Cash $11,200 Debit Preferred Stock $11,200 Credit Preferred Stock $11,200

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