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A corporation issues 50 packages of securities for $154 per package. Each package consists of three shares of $5 par common stock and one share
A corporation issues 50 "packages" of securities for $154 per package. Each package consists of three shares of $5 par common stock and one share of $50 par preferred stock. If the market values of $40 per share for the common stock and $100 per share for preferred stock are known, the journal entry to record the sale would assign a total value to the preferred stock of $5,775 $6,000
$3,500
$4,200
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