Bramble Corporation issues 11200 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $784000 and a credit or credits to:
A. Preferred Stock for $224000 and Paid-in Capital from Preferred Stock for $560000.
B. Preferred Stock for $560000 and Paid-in Capital in Excess of Par-Preferred Stock for $224000.
C. Preferred Stock for $784000.
D. Paid-in Capital from Preferred Stock for $784000.
Answers: 2
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Bramble Corporation issues 11200 shares of $50 par value preferred stock for cash at $70 per share....
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