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To finance the new research and development of the new product, a private company under Canadian control intends to issue new shares through an initial

To finance the new research and development of the new product, a private company under Canadian control intends to issue new shares through an initial public offering (IPO) of 40 000 redeemable preferred shares with a cumulative dividend of 3%. Indicate the accounting and tax implications of the IPO and the proposed new share issue.

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