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Rhoads Corporation is authorized to issue 250,000 shares of $50 par value, 10%, Rhoads Corporation...

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Accounting

Rhoads Corporation is authorized to issue 250,000 shares of $50 par value, 10%, Rhoads Corporation is authorized to issue 250,000 shares of $50 par value, 10%,
noncumulative preferred stock and 5,000,000 shares of no-par common stock. Prepare journal
entries to record the following selected transactions that occurred during this year:
February 1 Issued 10,000 shares of common stock for $30 cash per share.
February 15 Exchanged 2,000 shares of preferred stock for equipment and inventory with market values
of $80,000 and $30,000, respectively.
noncumulative preferred stock and 5,000,000 shares of no-par common stock. Prepare journal
entries to record the following selected transactions that occurred during this year:
February 1 Issued 10,000 shares of common stock for $30 cash per share.
February 15 Exchanged 2,000 shares of preferred stock for equipment and inventory with market values
of $80,000 and $30,000, respectively.
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