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Record the transaction for each independent assumption

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Problem - Combined Sale of Stock Maxville Company issues 300 shares of $50 par preferred stock and 1,000 shares of $10 par common stock in a "package" sale. Total proceeds received amount to $39,000.

Required - Record the transaction for each independent assumption shown:

The common stock has a current market value of $19 per share; the current market value of preferred stock is not known.

The common stock and the preferred stock have a current market value per share of $22 and $60, respectively.

Reference no: EM132889083

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