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question peterson inc issued 4 000 shares of preferred stock for 240 000 the stock h 4292616

Question

Peterson, Inc. issued 4,000 shares of preferred stock for $240,000. The stock has a par value of $80 per share. The journal entry to record this transaction 0 A. debit Cash $240,000 and credit Preferred Stock-S60 Par Value $240,000 OB. credit Cash $240,000, debit Preferred Stock-560 Par Value $4,000, and debit Paid In Capital in Excess of Par-Preferred $236,000 c. debit Cash S240 000, credit Preferred Stock-S60 Par Value S4.000, and credit Paid In Capital in Excess of Par-Preferred S236 000 O D. credit Cash $240,000 and debit Preferred Stock-$60 Par Value $240,00 Click to select your answer.

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