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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.
13Multiple 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.
14Multiple 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.