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Penne Pharmaceuticals sold 7 miltion shares of its $1 par common stock to provide funds for research and development If the issue price is $12 per share, what is thejournal entry to record the sale of the shares?I [If no entry is required for a transactionfeuent, select "No journal entry required" in the rst account eld. Enter your answers in millions {i.e., 10,000,000 should be entered as 10].] View transaction list Journal entry' worksheet Record the sale of the shares. Note: Enter debits before credits