3. April, Inc. issued 4000 shares of preferred stock for $240,000. The stock has a par value of $60 per share. The journal entry to record this transaction would ________.

A) credit Cash $240,000, debit Preferred Stock$60 Par Value $4000, and debit Paid-In Capital in Excess of ParPreferred $236,000 B) debit Cash $240,000, credit Preferred Stock$60 Par Value $4000, and credit Paid-In Capital in Excess of ParPreferred $236,000 C) credit Cash $240,000 and debit Preferred Stock$60 Par Value $240,000 D) debit Cash $240,000 and credit Preferred Stock$60 Par Value $240,000

4. Which of the following occurs when a corporation's board of directors declares a 10% stock dividend? A) Stock Dividends will be credited for the new shares times the current market value of the stock. B) Stock Dividends will be debited for the new shares times the current market value of the stock. C) Stock Dividends will be debited for the new shares times the par value of the stock. D) Stock Dividends will be credited for the new shares times the par value of the stock.

5. On December 31, 2018, Globe Company borrowed $500,000 by signing a five-year, 8% note payable. The note is payable in five yearly installments of $100,000 plus interest, due at the end of every year beginning on December 31, 2019. Which portion is classified as the long-term portion of Notes Payable at December 31, 2018?