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3. Madison, Inc. purchased land with a fair market value of $150,000 by issuing 30,000 shares of $4 par value common stock. 4. Keaubie Co.,

3. Madison, Inc. purchased land with a fair market value of $150,000 by issuing 30,000 shares of $4 par value common stock. 4. Keaubie Co., Inc. issued 10,000 shares of its $12 par value preferred stock for $15 per share. Journalize

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