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A company is authorized to issue 800,000 shares of $6 par value common stock. Prepare...

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Accounting

A company is authorized to issue 800,000 shares of $6 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: (3 Points)

March. 8

Sold 110,000 shares of common stock for $9 cash per share.

March 12

Exchanged 12,000 shares of common stock for equipment with a market value of $90,000.

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