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    Journalize the Transactions for Common Stock

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    (a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
    (b) Journalize the transactions, assuming that the common stock is no-par with a stated value
    of $1 per share.
    E12-2 Garza Co. had the following transactions during the current period.
    Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill
    for $30,000 for services provided in helping the company to incorporate.
    June 12 Issued 60,000 shares of $1 par value common stock for cash of $375,000.
    July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
    Nov. 28 Purchased 2,000 shares of treasury stock for $80,000.

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    Need a break down:
    E12-2 Garza Co. had the following transactions during the current period.
    Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.
    June 12 Issued 60,000 shares of $1 par value common stock for cash of $375,000.
    July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
    Nov. 28 Purchased 2,000 shares of ...

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    This solution is comprised of a detailed explanation to journalize the transactions for the common stock.

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