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The Home Depot, Inc. issued 20,000 shares of $25 par value preferred stock at $30 per share. Calculate the total amount of proceeds received from
ยทThe Home Depot, Inc. issued 20,000 shares of $25 par value preferred stock at $30 per share. Calculate the total amount of proceeds received from this preferred stock issuance and the journal entry to record the transaction. Additionally, if The Home Depot, Inc. had no other preferred stock outstanding before this issuance and it has a 25% tax rate, determine the impact on the company's retained earnings.
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