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Assume that lily corporation has outstanding 1500 shares of

Assume that Lily Corporation has outstanding 1,500 shares of $150 par callable preferred stock that were issued at $175 per share, and that no dividends are in arrears. If the call price is $185 per share, what journal entry will Lily make to record the recall of these shares?

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Accounting Basics: Assume that lily corporation has outstanding 1500 shares of

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