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Corporation has two classes of​ stock: common, ​$4 par​ value; and​ preferred, ​$5 par value. Requirements 1. Journalize Maine​'s issuance of 1 comma 500 shares of common stock for $ 12 per share. 2. Journalize Maine​'s issuance of 1 comma 500 shares of preferred stock for a total of $ 7 comma 500.

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Answer:

The answer is given below;

Explanation:

1.  Bank   (1,500*12)                Dr.$18,000

   Capital (1,500*4)                Cr.$  6,000

   Paid in capital in excess of par (1500*(12-4))  Cr.$12,000

2. Bank         Dr.$7,500

   Capital  (1,500*5)   Cr.7,500

   

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