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Maxville Company issues 250 shares of $40 par preferred stock and 1,000 shares of $10 par common stock in a package sale on December 31.
Maxville Company issues 250 shares of $40 par preferred stock and 1,000 shares of $10 par common stock in a package sale on December 31. Total proceeds received amount to $39,650.
Required:
Record the transaction for each independent assumption shown: |
1. | The common stock has a current market value of $20 per share; the current market value of preferred stock is not known. |
2. | The common stock and the preferred stock have a current market value per share of $22 and $59, respectively. |
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