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ACC Corporation was organized in January 2018. The state authorized 200,000 shares of no-par common...

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Accounting

ACC Corporation was organized in January 2018. The state authorized 200,000 shares of no-par common stock and 50,000 shares of 12%, $25 par, preferred stock. Record the following transactions that occurred in 2018:

(a)Issued 25,000 shares of common stock at $20 per share.

(b)Issued 3,000 shares of preferred stock for a building appraised at $100,000.

(c)Declared a cash dividend sufficient to meet the current-dividend preference on preferred stock and pay common shareholders $2.00 per share.

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