Multiple Choice
The Nice Corporation issues 10,000 preference shares with a $100 par value for cash at $110 per share. The entry to record the transaction will consist of a debit to Cash for $1,100,000 and a credit or credits to
A) Share Capital-Preference for $1,100,000.
B) Share Premium-Preference for $1,000,000.
C) Share Capital-Preference for $1,000,000 and Retained Earnings for $100,000.
D) Share Capital-Preference for $1,000,000 and Share Premium-Preference for $100,000.
Correct Answer:
Verified
Correct Answer:
Verified
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