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question a company issued 70 shares of 30 par value preferred stock for 4 000 cash t 4276365

Question

A company issued 70 shares of $30 par value preferred stock for $4,000 cash. The journal entry to record the issuance is:

Debit Cash $2,100; credit Preferred Stock $2,100.

Debit Investment in Preferred Stock $2,100; credit Cash $2,100.

Debit Cash $4,000; credit Preferred Stock $4,000.

Debit Preferred Stock $2,100; debit Investment in Preferred Stock $1,900; credit Cash $4,000.

Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900; credit Preferred Stock $2,100.

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