Comfort Mattresses. Inc. sold 26,000 shares of Its $1 par value Common Stock at a cash price $12 per share. The entry to record this transaction would be: A Debit Cash $312,000; credit Common Stock $26,000; credit Paid-in Capital in Excess of Par Value. Common Stock $206,000. B. Debit Cash for $312,000; credit Common Stock $312,000. C. Debit Common Stock $26,000; debit Paid-in Capital In Excess of Par Value, Common Stock $286,000; credit Cash $312,000. D. Debit Cash $312,000; credit Stock Liability $286,000; credit Common Stock $26,000. E. Debit Common Stock $26,000; credit Cash $26,000. A company issued 70 shares of 6% $30 par value preferred stock for $4,000 cash. The Journal entry to record the issuance is: A. Debit Cash $2, 100; credit Preferred Stock $2, 100. B. Debit Investment in Preferred Stock $2, 100; credit Cash $2, 100. C. Debit Cash $4,000; credit Preferred Stock $4,000. D. Debit Preferred Stock $2, 100, debit Investment in Preferred Stock $1, 900; credit Cash $4,000. E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1, 900, credit Preferred Stock $2, 100. A corporation issued 6,000 shares of its $10 par value common stock in exchange for land that a market value of $84,000. The entry to record this transaction would include: A. A debit to Common Stock for $60,000. B. A debit to Land for $60,000. C. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $24,000. D. A credit to Common Stock for $84,000. A liability for dividends exists: A. When cumulative preferred stock is sold. B. On the date of declaration. C. On the date of record. D. On the date of payment. E. For dividends in arrears on cumulative preferred stock