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Sneed Corporation issues 12,200 shares of $46 par preferred stock for cash at $61 per...

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Accounting

Sneed Corporation issues 12,200 shares of $46 par preferred stock for cash at $61 per share. The entry to record the transaction will consist of a debit to Cash for $744,200 and a credit or credits to

a.Preferred Stock for $744,200.

b.Preferred Stock for $561,200 and Paid-In Capital in Excess of ParPreferred Stock for $183,000.

c.Preferred Stock for $561,200 and Retained Earnings for $183,000.

d.Paid-In Capital from Preferred Stock for $744,200.

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