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Concord Corporation is authorized to issue both preferred and common stock. The par value of the...

Concord 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 52,500 shares for cash at $53 per share. July 1 Issued 70,000 shares for cash at $59 per share.

Journalize the transactions.

Post to the stockholders’ equity accounts. (Use T-accounts.)

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