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Johnson Corporation had the following transactions: Issued 7,000 shares of common stock with a stated value of $15 per share for $155,000. Issued 3,000 shares

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Johnson Corporation had the following transactions: Issued 7,000 shares of common stock with a stated value of $15 per share for $155,000. Issued 3,000 shares of $100 par value preferred stock at $117 per share for cash. Prepare the journal entries for the above transactions

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