Ross Island Co.issues 10,000 shares of no-par value preferred stock for cash at $120 per share.The journal entry to record the transaction will consist of a debit to Cash for $1,200,000 and a credit (or credits) to:
A) Preferred Stock for $1,200,000.
B) Preferred Stock for $40,000 and Additional Paid-in Capital for $1,160,000.
C) Preferred Stock for $40,000 and Retained Earnings for $1,160,000.
D) Retained Earnings for $1,200,000.
Correct Answer:
Verified
Q138: Stock splits and large stock dividends have
Q140: With regards to the Dividends Payable and
Q141: Sylvan Heights Company issues 200,000 shares of
Q142: Laurelhurst Co.has 240,000 shares of preferred stock,8%
Q144: Which of the following statements about dividends
Q145: A company has outstanding 10 million shares
Q146: A cumulative dividend preference means that:
A)preferred stockholders
Q147: Council Crest,Inc.had 20,000 shares issued and outstanding
Q148: Hopkins,Inc.has 1,000 shares of common stock and
Q210: Which one of the following events would
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents