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Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred Stock; the...

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Accounting

Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred Stock; the par value is $100.00 per share and 5% cumulative stock. Common stock was authorized at 100,000 shares with a par value of $5.00 per share. Prepare the following transactions in the proper journal entry form. Jan 31 Issued 1,000 shares of Preferred Stock at a market value of $115 per share

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