Stevens Corporation was organized on July 15, 2013. It was authorized to issue 150,000 shares of $15 par value common stock and 50,000 shares of 8% cumulative class A preferred stock. The class A preferred stock had a stated value of $20 per share. The following stock transactions relate to Stevens Corporation.
1) Issued 55,000 shares of common stock for $32 per share.
2) Issued 4,000 shares of the class A preferred stock for $44 per share.
3) Issued 27,500 shares of common stock for $38 per share.
Prepare the general journal entries for the above transactions.

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The Answer of Stevens Corporation was organized on July 15, 2013. It was authorized to issue 150,000 shares of $15 par value common stock and 50,000 shares of 8% cumulative class A preferred stock. The class A preferred stock had a stated value of $20 per share. The following stock transactions relate to Stevens Corporation.
1) Issued 55,000 shares of common stock for $32 per share.
2) Issued 4,000 shares of the class A preferred stock for $44 per share.
3) Issued 27,500 shares of common stock for $38 per share.
Prepare the general journal entries for the above transactions.

Stevens Corporation Was Organized on July 15, 2013