Precision Company began year 2013 with the following balances in its stockholders’ equity accounts.

All outstanding common stock was issued for $15 per share when the company was created. Prepare jour¬ nal entries to account for the following transactions during year 2013.

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Common stock-$10 par, 500,000 shares authorized, 200,000 shares issued and outstanding.... Paid-in capital in excess of par, common stock Retained earnings Total.... $2,000,000 1,000,000 5,000,000 $8,000,000