Peterson, Inc. issued 4,000 shares of preferred stock for $240,000. The stock has a par value of $60 per share. The journal entry to record this transaction would ________
A) credit Cash $240,000, debit Preferred Stock-$60 Par Value $4,000, and debit Paid-In Capital in Excess of Par-Preferred $236,000
B) debit Cash $240,000, credit Preferred Stock-$60 Par Value $4,000, and credit Paid-In Capital in Excess of Par-Preferred $236,000
C) credit Cash $240,000 and debit Preferred Stock-$60 Par Value $240,000
D) debit Cash $240,000 and credit Preferred Stock-$60 Par Value $240,000
D .D)
Cash 240,000
Preferred Stock—$60 Par Value (4,000 x $60 ) 240,000
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