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Prepare the appropriate journal entries, if required, for the following items:
1) Sold 250,000 shares common stock at $5 cash each, $.01 par value
2) Bought back 1,000 shares of company common stock at $6 a share to use for management incentives etc.
3) Issued 100,000 shares of preferred stock for cash, $0.10 par value, for $30 a share.
4) Company declared a 2 for 1 stock split when there were 2,000,000 shares outstanding
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