Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share

ACC 291 Entire Course Link

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Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $3,000,000 and a credit or credits to

 

Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $500,000.

 

Preferred Stock for $2,500,000 and Retained Earnings for $500,000.

 

Preferred Stock for $3,000,000.

 

Paid-in Capital from Preferred Stock for $3,000,000.

 
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