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A company is authorized to issue 50,000 shares of $50 par, 10%, noncumulative, nonparticipating preferred stock and 500,000 shares of no-par common stock. Prepare journal entries to record the following selected transactions that occurred during this year:
Mar. 1: Issued 1,000 shares of preferred stock for $30 cash per share.
Mar. 15: Exchanged 2,000 shares of preferred stock for equipment and merchandise inventory with market values of $90,000 and $20,000, respectively.
Which one of the following best exemplifies a perpetuity?
during its long tenure the committee on accounting procedures capproduece a total of 51 accounting research bulletins
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