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During the current year JET Industries issued 5.40 million of its $1 par common shares to its underwriters for $25,400,000 less promotional and accounting services

During the current year JET Industries issued 5.40 million of its $1 par common shares to its underwriters for $25,400,000 less promotional and accounting services of $540,000 to effect the issue. Required: Prepare the journal entry to record the issuance of the shares.

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