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Problem 9: On July 1, 2020, MGA, Inc. had an initial public offering (IPO) of...

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Problem 9: On July 1, 2020, MGA, Inc. had an initial public offering (IPO) of 10,000 shares of $100 par value common stock for $2,000,000. On September 30, 2020, MGA, Inc. declared a $1.00 dividend for all shares outstanding (initial public offering only outstanding) as of October 15, 2020. The dividend is to be paid on October 31, 2020. Record the initial public offering and all journal entries associated with the dividends paid. Be sure to include descriptions of your journal entries. If no entry is required, be sure to state no entry required (11 points) AGM, Inc. General Journal Date Account Debit Credit

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