The Stockholders' Equity accounts of Nardo Corporation at January 1, 2019 appear below: ...
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Accounting
| The Stockholders' Equity accounts of Nardo Corporation at January 1, 2019 appear below: | ||||||
| Common Stock, $5 par value, 150,000 shares authorized: | ||||||
| 33,500 shares issued and outstanding | $167,500 | |||||
| Paid in Capital in excess of par value - Common Stock | 139,200 | |||||
| Retained Earnings | 186,520 | |||||
| During the year, the following transactions occurred: | ||||||
| a. | Issued 5,000 shares of Preferred Stock, 8.5%, $50 par value for $65 cash per share. | |||||
| Total authorized Preferred Stock shares are 15,000; these are the first preferred shares issued. | ||||||
Provide the journal entry for a.
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