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Prepare journal entries

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Question - Susan Graham Corp. was organized on January 12, 2014. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock and 500,000 shares of $2 par value common stock. Transactions completed during the year. Jan 10 Issued 80,000 shares of common stock for cash at $5 per share. Mar 1 Issued 5,000 shares of preferred stock for cash at $108 per share. May 1 Issued 80,000 shares of common stock for cash at $7 per share. Nov 1 Issued 1,000 shares of preferred stock for cash at $112 per share. Prepare Journal Entries.

Reference no: EM132032691

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