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Prepare the journal entries to record the stock transactions

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Reference no: EM132425719

Question - Samson Company had the following transactions.

1. Issued 3,000 shares of $100 par preferred stock at $107 for cash.

2. Issued 6,000 share of common stock with a par value of $10 for $110,000.

3. Purchased 500 shares of treasury common stock for $12,000.

Prepare the journal entries to record the above stock transactions. Additionally explain your journal entries in words.

Reference no: EM132425719

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