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On January 1, Arcola Company issues 7,000 shares of $100 par value preferred stock at $300 cash per share. On March 1, the compant repurchases

On January 1, Arcola Company issues 7,000 shares of $100 par value preferred stock at $300 cash per share. On March 1, the compant repurchases 7,000 shares of previously issued $1 par value common stock at $156 cash per share. Use the financial statement effects template to record these two transactions.

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