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Michael Inc. is authorized to issue 50,000, $8, no par value, cumulative, fully participating preferred shares, and 750,000 no par value common shares. Prepare journal

Michael Inc. is authorized to issue 50,000, $8, no par value, cumulative, fully participating preferred shares, and 750,000 no par value common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations:

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