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24 May, 08:54

Corporation has two classes of stock: common, $4 par value; and preferred, $5 par value. Requirements 1. Journalize Maine 's issuance of 1 comma 500 shares of common stock for $ 12 per share. 2. Journalize Maine 's issuance of 1 comma 500 shares of preferred stock for a total of $ 7 comma 500.

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  1. 24 May, 09:15
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    The answer is given below;

    Explanation:

    1. Bank (1,500*12) Dr.$18,000

    Capital (1,500*4) Cr.$ 6,000

    Paid in capital in excess of par (1500 * (12-4)) Cr.$12,000

    2. Bank Dr.$7,500

    Capital (1,500*5) Cr. 7,500
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