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Question(s) / Instruction(s):

Prepare journal entries to record the following Three separate issuances of stock.

1.            A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $1 per share stated value.

2.            A corporation issued 8,000 shares of $30 par value common stock for $288,000 cash.

3.            A corporation issued 2,000 shares of $75 par value preferred stock for $202,000 cash.

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