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Question 16 (1 point) ed Fire Red Company is authorized to issue 20,000 shares of 8%, $100 par value preferred stock and 1,000,000 shares of

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Question 16 (1 point) ed Fire Red Company is authorized to issue 20,000 shares of 8%, $100 par value preferred stock and 1,000,000 shares of no-par common stock with a stated value of $1 per share. If Fire Red issues 10,000 shares of preferred stock for land with an asking price of $1,020,000 and a market value of $1,080,000, which of the following would be the journal entry for Fire Red to record? Land a) 1,080,000 Preferred Stock 1,080,000 b) Land 1,080,000 Preferred Stock Paid-in Capital in Excess of Par- 1,000,000 80,000 12 Preferred Land 1,000,000 tarted c) Preferred Stock 1,000,000 RO

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