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Fonthouse Corporation Issues 10,000 Shares of No-Par Preferred Stock for Cash

Question 75

Multiple Choice

Fonthouse Corporation issues 10,000 shares of no-par preferred stock for cash at $60 per share. The effects of the transaction described will be reported on the balance sheet in the:


A) liabilities section.
B) retained earnings account.
C) preferred shares account.
D) common shares account.

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