Cole Corporation Issues 10,000 Shares of $50 Par Value Preferred

Multiple Choice

Cole Corporation issues 10,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $600,000 and a credit or credits to

A) Preferred Stock for $600,000.
B) Preferred Stock for $500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $100,000.
C) Preferred Stock for $750,000 and Paid-in Capital from Preferred Stock for $100,000.
D) Paid-in Capital from Preferred Stock for $600,000.