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Coca-Cola Company issued 10,000 shares of $50 par value common stock at $60 per share. Calculate the total amount of proceeds received from this stock

ยท Coca-Cola Company issued 10,000 shares of $50 par value common stock at $60 per share. Calculate the total amount of proceeds received from this stock issuance and the journal entry to record the transaction. Additionally, if Coca-Cola Company had a retained earnings balance of $1,000,000 before the issuance, how would this issuance affect the company's total equity?

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