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On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of...

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Accounting

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of no-par common stock (with a stated value of $2) at $8, and on August 3, it issued for cash 10,000 shares of $80 par preferred stock at $87. Question Content Area a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value

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