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Sneed Corporation issues 13,600 shares of $52 par preferred stock for cash at $64 per...

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Accounting

Sneed Corporation issues 13,600 shares of $52 par preferred stock for cash at $64 per share. The journal entry for the transaction will consist of a debit to Cash for $870,400 and a credit or credits to

a. Preferred Stock for $870,400.

b. Paid-In Capital from Preferred Stock for $870,400.

c. Preferred Stock for $707,200 and Paid-In Capital in Excess of ParPreferred Stock for $163,200.

d. Preferred Stock for $707,200 and Retained Earnings for $163,200.

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