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  3. 7) a company issued 70 shares of $30 par value pre

7) A company issued 70 shares of $30 par value preferred stock for $4,000cash. The...

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Accounting

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7) A company issued 70 shares of $30 par value preferred stock for $4,000cash. The journal entry to record the issuance is: 7) A) Debit Investment in Preferred Stock \$2,100; credit Cash \$2, 100. B) Debit Preferred Stock $2,100, debit Investment in Preferred Stock $1,900; credit Cash $4,000. C) Debit Cash $4,000; credit Preferred Stock $4,000. D) Debit Cash $4,000; credit Preferred Stock $2,100, credit Paid-in Capital in Excess of Par Value, Preferred Stock \$1,900. E) Debit Cash \$2,100; credit Preferred Stock \$2, 100

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