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Jayne Company purchased all of the 2 0 , 0 0 0 shares of $ 5 par common stock of Sifert Company by issuing 6

Jayne Company purchased all of the 20,000 shares of $5 par common stock of Sifert Company by issuing 6,000 shares of its own $20 par common stock. At the time of the purchase, Jayne Company common stock was trading $33 per share. Prepare the journal entry Jayne would make to record this purchase.

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