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Record the journal entry: Issued 5,000 shares of common stock ($1 par) and 2,000 shares of preferred stock ($5 par) at a price of $160,000.
Record the journal entry:
Issued 5,000 shares of common stock ($1 par) and 2,000 shares of preferred stock ($5 par) at a price of $160,000. At the time of issuance, the market price of the common stock is $20 per share, and the market price of preferred stock is $35 per share.
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