The Lilac Corporation was organized on January 1, 2013. The firm is authorized to issue 160,000 shares of no-par-value common stock with a stated value of $40 per share and 40,000 shares of $100 par-value, 12 percent preferred stock. Record the selected transactions on page 1 of a general journal. Omit descriptions.

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The Answer of The Lilac Corporation was organized on January 1, 2013. The firm is authorized to issue 160,000 shares of no-par-value common stock with a stated value of $40 per share and 40,000 shares of $100 par-value, 12 percent preferred stock. Record the selected transactions on page 1 of a general journal. Omit descriptions.

The Lilac Corporation Was Organized on January 1, 2013