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Discuss the statement presentation of the accounts

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Case: Penland Corporation is authorized to issue both preferred and common stock. The par value of the preferred stock is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Feb. 1 : Issued 40,000 shares for cash at $51 per share.

July 1: Issued 60,000 shares for cash at $56 per share.

Discuss the statement presentation of the accounts.

Reference no: EM133326816

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