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Boitwood Propertes bought three lots in a subdvision for a lump-sum price. An independent appraiser valued the lots as follows: Boltwood paid $245,000 in cash. Record the purchaso in the journal, lisentsyng each lors cost in a separate Land sccount. Round decimals fo two places. and use the compuled percentages Hinois Corporation has two classes of stock common, $2 par value; and preferred, $20 par value. Requirements 1. Joumalize llindis's issuance of 5,500 shares of common stock for $6 per share. 2. Journalize linois's issuance of 5,500 shares of preferred stock for a totat of $110,000. Boitwood Propertes bought three lots in a subdvision for a lump-sum price. An independent appraiser valued the lots as follows: Boltwood paid $245,000 in cash. Record the purchaso in the journal, lisentsyng each lors cost in a separate Land sccount. Round decimals fo two places. and use the compuled percentages Hinois Corporation has two classes of stock common, $2 par value; and preferred, $20 par value. Requirements 1. Joumalize llindis's issuance of 5,500 shares of common stock for $6 per share. 2. Journalize linois's issuance of 5,500 shares of preferred stock for a totat of $110,000