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Mu Company issued 2,000 shares of preferred stock at $120 per share. Calculate the total amount of cash received from the issuance of preferred stock.

Mu Company issued 2,000 shares of preferred stock at $120 per share. Calculate the total amount of cash received from the issuance of preferred stock. Requirements: a. Determine the par value of the preferred stock issued. b. Calculate the additional paid-in capital. c. Record the preferred stock issuance.

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