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Exercise 11-3
Vallejo Corporation 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 118,600 shares for cash at $145 per
share.

July 1

 

Issued 170,400 shares for cash at $166 per
share.

 

Journalize the transactions. (Record entries in the
order displayed in the problem statement. Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
b.      b.
post to the stockholders’ equity accounts. (Use T accounts.)
(post entries in the order of journal entries posted in
the previous part.)

 

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