Grouper Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 41,600 shares for cash at $105 per share.
July 1 Issued 123,000 shares for cash at $58 per share.
Required:
Journalize the transactions.
Answers: 1
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