Answered step by step
Verified Expert Solution
Question
1 Approved Answer
April, Inc. issued 8,000 shares of preferred stock for $480,000. The stock has a par value of $60 per share. The journal entry to record
April, Inc. issued 8,000 shares of preferred stock for $480,000. The stock has a par value of $60 per share. The journal entry to record this transaction would A. debit Cash $480,000 and credit Preferred Stock- $60 Par Value $480,000 B. credit Cash $480,000 and debit Preferred Stock- $60 Par Value $480,000 C. credit Cash $480,000, debit Preferred Stock - $60 Par Value $8,000; and debit Paid In Capital in Excess of Par-lireferred $472,000 D. debit Cash $480,000, credit Preferred Stock- $60 Par Value $8,000, and credit Paid - In Capital in Excess of Par-Preferred $472000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started