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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. 13- 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. 14- 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.