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problem: Tyler Company has 100,000 shares of $40/value preferred stock authorized. During the year, it had following transactions related to its preferred stock.

[A] Issued 30,000 shares at $55/share.

[B] Issued 10,000 shares for equipment having a $700,000 asking price. The stock had a market price of $60/share

Journalize the transactions.

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  • Category:- Accounting Basics
  • Reference No.:- M923372

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