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Journal entry
A corporation received its charter and began business this year. The company is authorized to issue 50,000 shares of $100 par, 10%, noncumulative, nonparticipating preferred stock and 500,000 shares of no-par common stock. The following selected transactions occurred during this year:
Apr. 5 Issued 250 shares of preferred stock for $104 cash per share June 15 Exchanged 750 shares of common stock for $15,000 in legal Services incurred in the organization of the company. Prepare journal entries to record these transactions. |
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