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Question
In its first year of operations, Martinez Corporation had the following transactions pertaining to its $20 par value preferred stock.
Feb. 1 Issued 8,000 shares for cash at $24 per share.
July 1 Issued 6,000 shares for cash at $25 per share.
Instructions
(a) Journalize the transactions.
(b) Indicate the amount to be reported for (1) preferred stock, and (2) paid-in capital in excess of par value—preferred stock at the end of the year.
Answer
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