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Ursula Underwater Corp. issued 20,000 common shares, no par, and 3200 preferred shares. At the time of issue, the common shares were selling at $7.50

Ursula Underwater Corp. issued 20,000 common shares, no par, and 3200 preferred shares. At the time of issue, the common shares were selling at $7.50 per share and the preferred at $6.25. Total cash received was $162,000.

Required:

Prepare the journal entry to record the issuance of the shares on June 30, 2020.

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