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Sneed Corporation issues 11,300 shares of $54 par preferred stock for cash at $68 per share....

Sneed Corporation issues 11,300 shares of $54 par preferred stock for cash at $68 per share. The entry to record the transaction will consist of a debit to Cash for $768,400 and a credit or credits to

a.Paid-In Capital from Preferred Stock for $768,400.

b.Preferred Stock for $768,400.

c.Preferred Stock for $610,200 and Retained Earnings for $158,200.

d.Preferred Stock for $610,200 and Paid-In Capital in Excess of Par—Preferred Stock for $158,200.

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Answer #1
Cash (11300*68) 768,400
Preferred stock (11300*54) 610,200
Paid in capital in excess of par - Preferred 158,200

Option D

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