Question $20$

Logan Corporation issues $40,000$ shares of $$40$ par value preferred stock for cash at $$60$ per share. The entry to record the transaction will consist of a debit to Cash for $$2,400,000$ and a credit or credits to

Preferred Stock for $$1,600,000$ and Paid$-$in Capital in Excess of Par ValuePreferred Stock for $$800,000.$

Paid$-$in Capital from Preferred Stock for $$2,400,000.$

Preferred Stock for $$2,400,000$

Preferred Stock for $$2,000,000$ and Retained Earnings for $$400,000.$