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6. Colvin Corporation has two classes of stock: Common, $1 par value; and Preferred, $9 par value. Journalize the issuance of 20,000 shares of common

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6. Colvin Corporation has two classes of stock: Common, $1 par value; and Preferred, $9 par value. Journalize the issuance of 20,000 shares of common stock for $15 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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