A corporation is authorized by its corporate charter to issue 50,000 shares of preferred stock with a 7% dividend rate and a par value of $10 per share, and 750,000 shares of common stock with a par value of $2 per share. On January 15, 2014, 2,000 shares of preferred stock was issued for $14 per share along with 10,000 shares of common stock for $2.50 per share.

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The Answer of A corporation is authorized by its corporate charter to issue 50,000 shares of preferred stock with a 7% dividend rate and a par value of $10 per share, and 750,000 shares of common stock with a par value of $2 per share. On January 15, 2014, 2,000 shares of preferred stock was issued for $14 per share along with 10,000 shares of common stock for $2.50 per share.

A Corporation Is Authorized by Its Corporate Charter to Issue