Tran Corporation 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.
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Issued 20,000 shares for cash at $53 per share. |
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July 1 |
Issued 12,000 shares for cash at $57 per share. |
Instructions
(a)Journalize the transactions.
(b)Post to the stockholders’ equity accounts.
(c)Indicate the financial statement presentation of the related accounts.
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