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Prepare journal entries for each of the following transactions. The corporation sells 12,000 shares of $10 par common stock for $13.00 per share.

Prepare journal entries for each of the following transactions.

a. The corporation sells 12,000 shares of $10 par common stock for $13.00 per share.
b. The corporation sells 5,000 shares of $50 par, 10% cumulative preferred stock for $59 per
share.
c. The corporation receives a building with a market value of $115,000 and issues 6,400
shares of $10 par common stock in exchange.
d. The corporation has net income of $66,000 at the end of its first year of operations.


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