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Financial statement presentation of the related accounts

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

Feb. 1 Issued 20,000 shares for cash at $51 per share.

July 1 Issued 10,000 shares for cash at $57 per share.

Instructions

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts.

(c) Indicate the financial statement presentation of the related accounts.

Reference no: EM13527318

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