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Gladiolus Corporation is authorized to issue 20,000 preference shares and 30,000 ordinary shares. The company...

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Gladiolus Corporation is authorized to issue 20,000 preference shares and 30,000 ordinary shares. The company issued 3,000 shares of 5 percent, $70 par value preference share at $68 and 4,000 shares of $35 par value ordinary share at $40. 1) Prepare appropriate journal entries. 4 2) Prepare the shareholders' equity section of the statement of financial position

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