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848,000 debit, 848,000 credit 8,000*106 Am I correct in this formula? Merritt Inc issues 8,000 shares of $100 par value preferred stock for cash at

848,000 debit, 848,000 credit 8,000*106 Am I correct in this formula?

Merritt Inc issues 8,000 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance

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