Journalize the transactions

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Question - Sheffield Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock.

(a) Issued 24,500 shares at $50 per share.

(b) Issued 10,000 shares for equipment having a $650,000 asking price. The stock had a market value of $70 per share.

Required - Journalize the transactions.

Reference no: EM133130897

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