The Sneed Corporation issues 9,200 shares of $51 par preferred stock for cash at $64...
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Accounting
The Sneed Corporation issues 9,200 shares of $51 par preferred stock for cash at $64 per share. The entry to record the transaction will consist of a debit to Cash for $588,800 and a credit or credits to a. Paid-in Capital from Preferred Stock for $588,800. b. Preferred stock for $469,200 and Paid-in Capital in Excess of Par Value-Preferred Stock for $119,600. CC. Preferred Stock for $588,800. Od. Preferred Stock for $469,200 and Retained Earnings for $119,600
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