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(1 points) Pearl Corporation issued 4,000 shares of $2 par value common stock and 500 shares of $10 par value preferred stock for a lump

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(1 points) Pearl Corporation issued 4,000 shares of $2 par value common stock and 500 shares of $10 par value preferred stock for a lump sum of $78,000. The common stock has a market price of $8 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. Accounts Debits Credits

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