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Question(s) / Instruction(s):

A company i issued 50,000 shares of $50 par value, 8% cumulative, fully participating preferred stock and 750 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the one year of equipment.

May 5: Exchanged 2,000 shares of preferred stock for a building with a market value of $135,000.

July 20: Sold 1,550 shares of preferred stock for $50 each per share.

Dec 20: Sold 1,000 shares of preferred stock at $55 each per share.

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