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Question
Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Retro issues 6,000 shares of preferred stock for land with an asking price of $750,000 and a market value of $660,000, which of the following would be the best journal entry for Retro to record?
Answer
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