The Lompoc Corporation is authorized to issue 500,000 shares of $4 par-value common stock and 100,000 shares of 6 percent, $100 par-value preferred stock. Record the following transactions on page 1 of a general journal. Omit descriptions.

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The Answer of The Lompoc Corporation is authorized to issue 500,000 shares of $4 par-value common stock and 100,000 shares of 6 percent, $100 par-value preferred stock. Record the following transactions on page 1 of a general journal. Omit descriptions.

The Lompoc Corporation Is Authorized to Issue 500,000 Shares of $4