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McDonald's Corporation issued 2,000 shares of $50 par value common stock at $70 per share. Calculate the total amount of proceeds received from this stock

ยท McDonald's Corporation issued 2,000 shares of $50 par value common stock at $70 per share. Calculate the total amount of proceeds received from this stock issuance and the journal entry to record the transaction. Additionally, if McDonald's Corporation had a retained earnings balance of $500,000 before the issuance, how would this issuance affect the company's total equity?

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