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Sweet Corporation was organized on June 1, 2025. It is authorized to issue 100,000 shares of 5% $100 par value preferred stock, and 1,750,000
Sweet Corporation was organized on June 1, 2025. It is authorized to issue 100,000 shares of 5% $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year: June 15 Issued 167,000 shares of common stock for cash at $5 per share. June 30 Issued 24,100 shares of preferred stock for cash at $101 per share. Aug 15 Sept. 1 Oct. 1 Oct. 15 Issued 21,800 shares of common stock for a factory building. The asking price of the factory building was $163,500; the appraised value of the factory building was $152,600. Issued 199,000 shares of common stock for cash at $7 per share. Issued 4,500 shares of common stock to attorneys in payment of their bill of $36,000 for services rendered in helping the company organize. Issued 23,500 shares of common stock for cash at $8.50 per share. Nov. 1 Issued 6,100 shares of preferred stock for cash at $104 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered
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