The charter of a corporation provides for the issuance of 134,000 shares of common stock. Assume that 62,000 shares were originally issued and 13,100 were subsequently reacquired. What is the number of shares outstanding?

a. 134,000

b. 48,900

c. 62,000

d. 13,100

The Sneed Corporation issues 14,100 shares of $47 par preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $930,600 and a credit or credits to

a. Preferred Stock for $662,700 and Retained Earnings for $267,900.

b. Preferred stock for $662,700 and Paid-in Capital in Excess of Par - Preferred Stock for $267,900.

c. Paid-in Capital from Preferred Stock for $930,600.

d. Preferred Stock for $930,600.