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What is the correct entry for the sale of 2,600 shares of $10 par value preferred stock for $130,000 cash? Cash 130,000 Preferred stock 26,000
What is the correct entry for the sale of 2,600 shares of $10 par value preferred stock for $130,000 cash?
| Cash | 130,000 | |
| Preferred stock | 26,000 | |
| Additional paid-in capital, preferred stock | 104,000 |
| Cash | 130,000 | |
| Preferred stock | 130,000 |
| Cash | 130,000 | |
| Gain on sale of preferred stock | 104,000 | |
| Preferred stock | 26,000 |
| Cash | 26,000 | |
| Preferred stock | 26,000 |
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