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Question: 1. Samuels, Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.

Required: (a) Prepare the journal entry for the issuance when the market price of the common shares is $165 each and market price of the preferred is $230 each. (Round to nearest dollar.)

(b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $170 per share.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92712587

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