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Prepare manning journal entry for the transaction

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Question 1: Manning Company issued 20,000 shares of its $5 par value common stock having a fair value of $25 per share and 15,000 shares of its $15 par value preferred stock having a fair value of $20 per share for a lump sum of $760,000. Prepare Manning's journal entry for the transaction using the proportional method. Show all work.

Reference no: EM132563422

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