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Assume that X company issues 2,000 shares of $5 stated value common stock having a market price of $8 a share, and 4,000 shares of

Assume that X company issues 2,000 shares of $5 stated value common stock having a market price of $8 a share, and 4,000 shares of $7 par value preferred stock having a market price of $11 a share, for a lump sum of $52,000. X uses the proportional method.

Required: record the journal entry

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