A company issues 1,000,000 shares of $0.90 par value, cumulative preferred stock for $15,000,000. The stated dividend is $1 per share. Which journal entry is needed for the sale? O A. debit Cash $15,000,000 and credit Paid - in Capital in Excess of Par-Preferred $15,000,000 OB. debit Cash $15,000,000, credit Preferred Stock $1,400,000 and credit Paid - in Capital in Excess of Par-Preferred $13,600,000 OC. debit Cash $15,000,000 and credit Retained Earnings $15,000,000 OD. debit Cash $15,000,000 and credit Preferred Stock $15,000,000

A company issues 1,000,000 shares of $0.90 par value, cumulative preferred stock for $15,000,000. The stated dividend is $1 per share. Which journal entry is needed for the sale? O A. debit Cash $15,000,000 and credit Paid - in Capital in Excess of Par-Preferred $15,000,000 OB. debit Cash $15,000,000, credit Preferred Stock $1,400,000 and credit Paid - in Capital in Excess of Par-Preferred $13,600,000 OC. debit Cash $15,000,000 and credit Retained Earnings $15,000,000 OD. debit Cash $15,000,000 and credit Preferred Stock $15,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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