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Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 21, 900 shares of 6%, $50 par value preferred stock and 472,
Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 21, 900 shares of 6%, $50 par value preferred stock and 472, 600 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 66, 100 shares of common stock for cash at $5 per share. Mar. 1 Issued 12, 400 shares of preferred stock for cash at $57 per share. May 1 Issued 120, 100 shares of common stock for cash at $7 per share. Sept. 1 Issued 5, 700 shares of common stock for cash at $6 per share. Nov. 1 Issued 2, 600 shares of preferred stock for cash at $59 per share. (a) Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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