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Posted on Aug 19, 2024

Can someone please show me how this is done? Maxville Company issues 250 shares of $50 par preferred stock and 1,000 shares of $10 par

Can someone please show me how this is done?

Maxville Company issues 250 shares of $50 par preferred stock and 1,000 shares of $10 par common stock in a package sale on December 31. Total proceeds received amount to $39,700.

Required: The common stock and the preferred stock have a current market value per share of $22 and $62, respectively.

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