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2. A company issues 300 shares of $20 par preferred stock and 550 shares of $5 par common stock in a package sale. Total process
2. A company issues 300 shares of $20 par preferred stock and 550 shares of $5 par common stock in a "package" sale. Total process received were $22,000. The preferred stock had a market value of $50 per share and common stock had a market value of $24 per share at the time of the package sale. Prepare the journal entry required to record the package sale of stock
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