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Saratoga Products decided to raise additional financing by issuing common stock. The company received $ 7,500 in exchange for 1,090 shares of $ 5 par

Saratoga Products decided to raise additional financing by issuing common stock. The company received $ 7,500 in exchange for 1,090 shares of $ 5 par value common stock. What is the necessary journal entry to record this transaction? (Record debits first, then credits. Exclude explanations from any journal entries.)

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