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Skysong, Inc. issues 29000 shares of $100 par value preferred stock for cash at $115...

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Accounting

Skysong, Inc. issues 29000 shares of $100 par value preferred stock for cash at $115 per share. The entry to record the transaction will consist of a debit to Cash for $3335000 and a credit or credits to

Preferred Stock for $2900000 and Retained Earnings for $326250.

Paid-in Capital from Preferred Stock for $3335000.

Preferred Stock for $3335000.

Preferred Stock for $2900000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $435000.

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