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Multiple Choice Question 121
Brown Company has 1,000 shares of 6%, $100 par cumulative
preferred stock outstanding at December 31, 2013. No dividends
have been paid on this stock for 2012 or 2013. Dividends in
arrears at December 31, 2013 total
$0.
$600.
$6,000.
$12,000.
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Multiple Choice Question 87
If stock is issued for less than par value, the account
Paid-In Capital in Excess of Par is debited if a debit balance exists
in the account.
Paid-In Capital in Excess of Par is debited if a credit balance
exists in the account.
Paid-In Capital in Excess of Par is credited.
Retained Earnings is credited.
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Multiple Choice Question 83
When stock is issued for legal services, the transaction is recorded
by debiting Organization Expense for the
par value of the stock.
market value of the stock.