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A company issues 10,000 shares of $100 par value preferred stock for cash at $110 per share. The entry to record the transaction will consist
A company issues 10,000 shares of $100 par value preferred stock for cash at $110 per share. The entry to record the transaction will consist of a debit to Cash for $1,100,000 and a credit(s) of * Preferred Stock for $1,100,000 Paid-in Capital from Preferred Stock for $1,100,000 Preferred Stock for $1,000,000 and Retained Earnings for $100,000 O Preferred Stock for $1,000,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $100,000
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