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Beauty Island Corporation began operations on April 1 by issuing 55,000 shares of $5 par...

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Accounting

Beauty Island Corporation began operations on April 1 by issuing 55,000 shares of $5 par value common stock for cash at $13 per share. In addition, Beauty Island issued 1,000 shares of $1 par value preferred stock for $6 per share.

Journalize the issuance of the common and preferred stock.

Please help me explain it very specifically!

Thank You!

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