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On January 1, 2018, Pfizer Company issued 6,000 shares of no-par common stock and 100 shares of no-par preferred stock in a lump sum sale.
On January 1, 2018, Pfizer Company issued 6,000 shares of no-par common stock and 100 shares of no-par preferred stock in a lump sum sale. Total proceeds from the issuance was $55,000. The company can only reliably estimate the fair value of the preferred stock ($101 per share). Provide the January 1, 2019 journal entry. IS
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