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Prepare the journal entry to record the issuance

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Problem - Ayayai Corporation issued 380 shares of $10 par value common stock and 107 shares of $50 par value preferred stock for a lump sum of $15,507. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance.

Reference no: EM133028173

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