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Journal entry will lily make to record the recall

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Assume that Lily Corporation has outstanding 1,500 shares of $150 par callable preferred stock that were issued at $175 per share, and that no dividends are in arrears. If the call price is $185 per share, what journal entry will Lily make to record the recall of these shares? 

Reference no: EM13869571

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Journal entry will lily make to record the recall : Assume that Lily Corporation has outstanding 1,500 shares of $150 par callable preferred stock that were issued .
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