Niley-Cook Corporation issued 200,000 shares of $20 par value, 6% preferred stock on January 1, 2018,...

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Niley-Cook Corporation issued 200,000 shares of $20 par value, 6% preferred stock on January 1, 2018, for $4,500,000. In Dece

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Answer 1

Answer #1

Accounts Titles and Explanation	Debit	Credit
Cash	$4,500,000
... Preferred Stock		$4,000,000
... Paid-in Capital in Excess of Par-Preferred stock		$500,000
(To record the issuance of the preferred stock)

Preferred stock = 200,000 shares *$20

= $4,000,000

Paid in capital in Excess of Par-Preferred stock

= ($4,500,000-$4,000,000)

= $500,000

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Answer 2

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