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Olsson Corporation received a check from its underwriters for $86 million. This was for the issue of one million of its $5 par stock that

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Olsson Corporation received a check from its underwriters for $86 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $86 per share. Which is the correct entry to record the issue of the stock? Multiple Choice O Cash Stock Issue expense Stock contract receivable 86,000,000 27,000,000 59,000,000 86,800,000 Cash Common stock 86,000,000 Ennnnn

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