Multiple Choice
Cole Corporation issues 10,000 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 $600,000 and a credit or credits to
A) Preference Shares for $600,000.
B) Preference Shares for $500,000 and Share Premium-Preferred Share for $100,000.
C) Preference Shares for $750,000 and Share Premium for $100,000.
D) Share Premium for $600,000.
Correct Answer:
Verified
Correct Answer:
Verified
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