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South Beach Apparel issued 11,000 shares of $4 par value stock for $20 per share. What is true about the journal entry to record the

South Beach Apparel issued 11,000 shares of $4 par value stock for $20 per share. What is true about the journal entry to record the issuance?

Multiple Choice

  • Credit Common Stock $220,000

  • Debit Common Stock $44,000

  • Credit Additional Paid-In Capital $176,000

  • Credit Cash $220,000

    A company issued 1,900 shares of $3 par value preferred stock for $4 per share. What is true about the journal entry to record the issuance?

    Multiple Choice

  • Credit Additional Paid-In Capital $1,900

  • Debit Preferred Stock $7,600

  • Credit Cash $7,600

  • Credit Preferred Stock $7,600

    On February 22, Brett Corporation acquired 200 shares of its $4 par value common stock for $23 each. On March 15, the company resold 64 shares for $27 each. What is true of the entry for reselling the shares?

    Multiple Choice

  • Credit Treasury Stock $1,728

  • Credit Cash $1,472

  • Credit Additional Paidin Capital $256

  • Debit Treasury Stock $1,472

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