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Prepare the issuers journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 42,500 shares of $4 par value
Prepare the issuers journal entry for each of the following separate transactions.
a. On March 1, Atlantic Company issues 42,500 shares of $4 par value common stock for $297,500 cash.
b. On April 1, OP Company issues no-par value common stock for $70,000 cash.
c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.
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