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Silva Inc. issues 40,000 shares of $15 Par value common stock for cash at $23 per...

Silva Inc. issues 40,000 shares of $15 Par value common stock for cash at $23 per share, as well as 5,000 shares of $30 Par Value Preferred stock for cash at $40 per share. Prepare the journal entry for this transaction

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The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

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