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Ralli Group Corporation is authorized to issue 25,000 shares of preferred stock, 11% with a par value of $250 per share and 250,000 shares of

Ralli Group Corporation is authorized to issue 25,000 shares of preferred stock, 11% with a par value of $250 per share and 250,000 shares of common stock with a par value of $5.00 per share.

Prepare the following journal entry: Ralli Group issued 2,500 shares of preferred stock at a market value of $280 per share.

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