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please answer correct Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first
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Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the compary had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 49.500 shares for cash at $53 per share. July 1 Issued 64.500 shares for cashat $58 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when omount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.) Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are outomatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry' for the account titles and enter O for the amounts.) Step by Step Solution
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