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Instructions: Journalize the following transactions for Rich Company. 1.  Issued 7,000 shares of no-par common stock.  The market...

Instructions: Journalize the following transactions for Rich Company.

1.  Issued 7,000 shares of no-par common stock.  The market price of the stock is $12 per share.

2.  Issued 3,000 shares of 5%, $100 par, cumulative preferred stock for $122 per share.

3.  Declared dividends on preferred dividend of 5% per share.

4.  Purchased 500 shares of common stock at $14 for treasury.

5.  Paid preferred dividend declared in #3.

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