A company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations:

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The Answer of A company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations:

A Company Is Authorized to Issue 50,000 Shares of $50