Lmn issued 200 shares of its preferred stock par 20 and 500, Financial Accounting

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Lmn issued 200 shares of its preferred stock par 20 and 500

LMN issued 200 shares of its preferred stock, par $20, and 500 shares of its common stock, par $10 for a total cash consideration of $15,000. The current over-the-counter (OTC) stock prices for its stock were: Preferred, $25; Common, $20. The issue entry for the preferred and common stock combined would be as follows:

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Financial Accounting: Lmn issued 200 shares of its preferred stock par 20 and 500

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Financial Accounting: Lmn issued 200 shares of its preferred stock par 20 and 500

Reference No:- TGS0999189

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