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  3. 1. sneed corporation issues 14,900 shares of $55 p

1. Sneed Corporation issues 14,900 shares of $55 par preferred stock for cash at $70...

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Finance

1. Sneed Corporation issues 14,900 shares of $55 par preferred stock for cash at $70 per share. The journal entry for the transaction will consist of a debit to Cash for $1,043,000 and a credit or credits to

a.Paid-In Capital from Preferred Stock for $1,043,000.

b.Preferred Stock for $1,043,000.

c.Preferred Stock for $819,500 and Paid-In Capital in Excess of ParPreferred Stock for $223,500.

2. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 40,000 shares were originally issued and 10,000 were subsequently reacquired. What is the number of shares outstanding?

a.30,000

b.50,000

c.40,000

d.10,000

d.Preferred Stock for $819,500 and Retained Earnings for $223,500

3. If $932,000 of 7% bonds are issued at 102 3/4, the amount of cash received from the sale is

a.$997,240

4. An investor purchased 552 shares of common stock, $25 par, for $19,320. Subsequently, 114 shares were sold for $28 per share. What is the amount of gain or loss on the sale?

a.$798 gain

b.$798 loss

c.$1,140 gain

d.$1,140 loss

b.$699,000

c.$932,000

d.$957,630

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