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Question
Journalize the following transactions for Maine Corp.:
a. Issued 2,000 shares of $10 par common stock at $72 for cash.
b. Issued 2,500 shares of common stock in exchange for land with a fair market price of $130,000.
c. Purchased 400 shares of treasury stock at $70.
d. Sold the 400 shares of treasury stock purchased in (c) at $76.
Answer
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