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e have been provided with the folllowing information

on may 15 20000 share of $5 per share of common stok were issued at $ 15

on june 1 15000 share of $30 preffered stock stok were issued at $ 50

we will journalize entry on may 15 and june 1 as follow

Date Description Debit Credit
May 15 Cash $ 300,000
To Common share $ 100,000
To Addition Paid in capital,Common stock $ 200,000
June 1 Cash (15000 x 50) $ 750,000
To preffered stock $450,000
To Addition Paid in capital,prefferd stock $ 300,000

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