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Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock...

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Accounting

Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. Retro issues 10,000 share of common stock to pay its recent attorney's bill of $50,000 for legal services on a land access dispute. Prepare the journal entry to record the issuance of stock.

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