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journal entry

Required information Preferred stock has a priority (or senior status) relative to common stock in (1) dividends and (2) asse
Knowledge Check UI On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000 per sh
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Answer #1
Date General Journal Debit Credit
July 01 Cash $10,000
Preferred stock $1,000
Paid in capital, in excess of par - Preferred $9,000

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