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Blue Spruce Corporation is authorized to issue both preferred and common stock. The par value...

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Accounting

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Blue Spruce Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 19,500 shares for cash at $55 per share. July 1 Issued 14,000 shares for cash at $59 per share

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