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The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to:
a. Preferred Stock for $500,000 and Retained Earnings for $250,000.
b. Preferred Stock for $750,000.
c. Paid-in Capital from Preferred Stock for $750,000.
d. Preferred stock for $500,000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $250,000.
its taxable income for determining the accumulated earnings tax is $230,000. What is corporation total tax liability?
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