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Prepare the journal entry to record the issuance

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Question - Teal Corporation issued 385 shares of $10 par value common stock and 127 shares of $50 par value preferred stock for a lump sum of $18,360. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.

Prepare the journal entry to record the issuance.

Reference no: EM132448027

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