On September 1. Magliolo, Inc .. (a) issues 18.000 shares of $10 par value preferred stock at

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On September 1. Magliolo, Inc .. (a) issues 18.000 shares of $10 par value preferred stock at $48 cash per share and (b) issues 120.000 shares of $2 par value common stock at $37 cash per share.

a. Using the financial statement effects template, illustrate the effects of these two issuances.

b. Prepare the journal entries for the two issuances.

c. Post the journal entries from b to the related T-accounts.

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Financial Accounting

ISBN: 9781618533111

6th Edition

Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman

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Question Posted: Oct 27, 2021 03:28 AM

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On September 1. Magliolo, Inc .. (a) issues 18.000 shares of $10 par value preferred stock at

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a b 91 Cash A 864000 Preferred stock SE 180000 Additional paidin ...View the full answer

Financial Accounting

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