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Question
logan corporation issues 40,000 shares of $50 par value preferred stock for cash at $60 per share. the entry to record the transaction will consist of a debit to cash for $2,400,000 and a credit or credits to
a.preferred stock for $2,400,000
b.preferred stock for $2,000,000 and paid-in capital in excess of par valuepreferred stock for $400,000
c.preferred stock for $2,000,000 and retained earnings for $400,000
d.paid-in capital from preferred stock for $2,400,000
Answer
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