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  3. maine corporation has two classes of stock: common

Maine Corporation has two classes of stock: common, $5 par value; and preferred, $20 par...

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Verified Solution

Question

Accounting

Maine

Corporation has two classes of stock: common,

$5

par value; and preferred,

$20

par value.

Requirements

1.

 Journalize

Maine's

issuance of

5,000

shares of common stock for

$10

per share.

2.

 Journalize

Maine's

issuance of

5,000

shares of preferred stock for a total of

$100,000.

Answer & Explanation Solved by verified expert
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