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2: Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock....

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Accounting

2: Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.

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