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Concord Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $ 5 0 . During the first

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Concord Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first
year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 22,500 shares for cash at $58 per share.
July 1 Issued 11,500 shares for cash at $62 per share.
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