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Preferred stock having a fair value of 20 per share for a

Bob Company issued 5,000 shares of its $5 par value common stock having a fair value of $25 per share and 7,500 shares of its $15 par value preferred stock having a fair value of $20 per share for a lump sum of $253,000. Prepare the journal entry to record issuance of the stock.

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Accounting Basics: Preferred stock having a fair value of 20 per share for a

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