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Sage Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of
Sage Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $103,000.
(a) Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $176 per share.
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Financial Accounting
Authors: Belverd E. Needles, Marian Powers
11th edition
1133769314, 053847601X, 9781133715023, 978-1133769316, 1133715028, 978-0538476010
