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Question 2 Gibson Corporation has 100,000 shares of $40 par value preferred stock wuthorized. During the year the following transaction related to its preferred stock.

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Question 2 Gibson Corporation has 100,000 shares of $40 par value preferred stock wuthorized. During the year the following transaction related to its preferred stock. 1) Issued 12,500 shares for equipment having a $700,000 asking price. The stock had a market value of 555 per share. Requirement: Journalize the transaction

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