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Prepare journal entries to record the stock transactions

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Reference no: EM133049176

Problem - Orley Company had the following transactions.

1. Issued 5,000 shares of common stock with a stated value of $10 for $130,000.

2. Issued 2,000 shares of $100 par preferred stock at $108 for cash.

Prepare the journal entries to record the above stock transactions.

Reference no: EM133049176

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