If Swifty Corporation issues 3500 shares of $10 par value common stock for $351000, the account Cash will be debited for $351000. Common Stock will be credited for $316000. Paid-in Capital in Excess of Par Value will be credited for $351000. Paid-in Capital in Excess of Par Value will be credited for $386000.

If Swifty Corporation issues 3500 shares of $10 par value common stock for $351000, the account Cash will be debited for $351000. Common Stock will be credited for $316000. Paid-in Capital in Excess of Par Value will be credited for $351000. Paid-in Capital in Excess of Par Value will be credited for $386000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...

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