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1 Johnson Corporation had the following transactions: 1. Issued 7000 shares of no-par common stock with a stated value of $15 per share for $155,000

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1 Johnson Corporation had the following transactions: 1. Issued 7000 shares of no-par common stock with a stated value of $15 per share for $155,000 2. Issued 3,000 shares of $100 par value preferred stock at $117 per share for cash. 8 Required: Prepare the journal entries for the above transactions. Omit explanations. Account Debit Credit 2

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