Question

The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to:

Answer 1

f g

Answer 2

Preferred Stock for $500,000 and Paid-In Capital in Excess of Par—Preferred Stock for $250,000