Problem: Need help to journalize the transactions.
Marina Landscape 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 49,000 shares for cash at $54 per share.
July 1 Issued 65,000 shares for cash at $57 per share.
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