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2. Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative preferred stock. Prepare journal entries to record the exchanged 2,200

2. Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative preferred stock. Prepare journal entries to record the exchanged 2,200 shares of preferred stock for a building with a market value of $135,000.

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