Problem

Issuing stockCalifornia Corporation has two classes of stock: Common, $2 par; and Preferre...

Issuing stock

California Corporation has two classes of stock: Common, $2 par; and Preferred, $10 par.

Requirement

1. Journalize California’s issuance of

a. 2,000 shares of common stock for $11 per share.

b. 2,000 shares of preferred stock for a total of $20,000.

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