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Ragesun Corporation issued 510 shares of $10 par value common stock and 153 shares of $54 par value preferred stock for a lump sum
Ragesun Corporation issued 510 shares of $10 par value common stock and 153 shares of $54 par value preferred stock for a lump sum of $22,950. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit
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Journal Entry Debit Cash Ac 22950 Credit Common Stock Ac 5100 Credit Preferre...Get Instant Access to Expert-Tailored Solutions
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