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White Co. issues 100 shares of $4 par common stock and 250 shares of $100 par preferred stock for a lump sum of $45,000 .
White Co. issues 100 shares of
$4
par common stock and 250 shares of
$100
par preferred stock for a lump sum of
$45,000
. Assume the fair value of common stock is
$80
per share and the fair value of the preferred stock is not known What amount should be recorded to APICPreferred Stock in the journal entry that records this transaction?\ Debit -
$12,000
\ Credit -
$7,600
\ Credit -
$12,000
\ Credit -
$25,000
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