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Question 1 - On July 6, XOT Corporation issued 2,300 shares of its $1.50 par common stock. The market price of the stock on that date was $17 per share. Journalize the issuance of the stock.
Question 2 - Bennett Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2008, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $7 per share.
Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share.
Journalize the transactions for Bennett Corporation.
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