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Olsson Corporation received a check from its underwriters for $70 million. This was for the issuance of one million of its shares at $5 par

Olsson Corporation received a check from its underwriters for $70 million. This was for the issuance of one million of its shares at $5 par which the underwriters expect to sell at $70 per share.

What is the entry to record the issue of shares?

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