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6. Everest Corporation has two classes ofstock: Common, $1 parvalue; andPreferred, $4 par value. Journalize the issuance of 10,000 shares of common stock for $8

6. Everest Corporation has two classes ofstock: Common, $1 parvalue; andPreferred, $4 par value. Journalize the issuance of 10,000 shares of common stock for $8 per share. (Record debitsfirst, then credits. Select the explanation on the last line of the journal entrytable.)

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