Multiple Choice
Cole Corporation issues 12,000 preference shares with a $50 par value for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $720,000 and a credit or credits to
A) Share Capital-Preference for $720,000.
B) Share Capital-Preference for $600,000 and Share Premium-Preference for $120,000.
C) Share Capital-Preference for $600,000 and Retained Earnings for $120,000.
D) Share Premium for $720,000.
Correct Answer:
Verified
Correct Answer:
Verified
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