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Question 20 Logan Corporation issues 40,000 shares of $40 par value preferred stock...

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Accounting

Question 20
Logan Corporation issues 40,000 shares of $40 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $2,400,000 and a credit or credits to
Preferred Stock for $1,600,000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $800,000.
Paid-in Capital from Preferred Stock for $2,400,000.
Preferred Stock for $2,400,000
Preferred Stock for $2,000,000 and Retained Earnings for $400,000.
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