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Question(s) / Instruction(s):

Rodriguez Corporation issues 20,000 shares of its common stock for $127,300 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.

Requirements:

1.            The stock has neither par nor stated value.         

2.            The stock has a $5 par value.      

3.            The stock has a $2.5 stated value.            

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