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During its second year of operations, Panzarella Corporation entered into several transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 7

During its second year of operations, Panzarella Corporation entered into several transactions relating to shareholders' equity. The
articles of incorporation authorized the issue of 7,000,000 common shares, $2.50 par per share, and 900,000 preferred shares,
$30.00 par per share. Its balance sheet at December 31 of the prior year follows.
Required:
Prepare the appropriate journal entry for each of the following transactions:
Prepare the shareholders' equity section of the December 31 balance sheet for the current year ended December 31.
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When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.Sold 1,750,000 common shares for $15.00 per share.
Reacquired 35,000 common shares to be held in treasury at $17.00 per share.Sold 1,750,000 common shares for $15.00 per share.
Reacquired 35,000 common shares to be held in treasury at $17.00 per share.
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