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Question
nice corporation issues 20,000 shares of $100 par value preferred stock for cash at $110 per share. the entry to record the transaction will consist of a debit to cash for $2,200,000 and a credit or credits to
a.preferred stock for $2,200,000
b.preferred stock for $2,000,000 and paid-in capital in excess of par valuepreferred stock for $200,000
c.preferred stock for $2,000,000 and retained earnings for $200,000
d.paid-in capital from preferred stock for $2,200,000
Answer
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