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    Accounting - Journal Entries

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    On May 10 a company issued for cash 1,500 shares of no-par common stock (with a stated value of $2) at $12, and on May 15, it issued for cash 2,000 shares of $15 par preferred stock at $55.

    Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value.

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    Solution Summary

    The solution determines the common stock to be credited with the stated value.