Answer and Explanation:
The journal entry to record the issuance of the preferred stock is shown below:
Cash (8,000 shares × $111) $888,000
To Preferred stock (8,000 × $108) $864,000
To Paid in capital in excess of par - Preferred stock $24,000
(Being the issuance of the preferred stock is recorded)
For recording this we debited the cash as it increased the assets and credited the preferred stock and paid in capital as it also increased the stockholder equity
Processes involved in the production & distribution of a commodity
Answer:
Seal Polymer Industries (SPI) can sue Med-Express in an Illinois court due to the minimum contacts doctrine. This is an actual court case that the North Carolina Court of Appeals ruled in favor of SPI. The minimum contacts rule states that in order for a business to be sued in another jurisdiction it must have maintained minimum contacts with residents of that state. Minimum contacts may include making business with individuals or companies that reside in the other state, visiting the other state or incorporating in the other state. In this case, Med-Express made business with SPI, and SPI is a resident of Illinois.
If this question has the same set of choices like the other ones posted here, then the answer would be letter C. 529 plan- money you save.