Issuances of Stock Cada Corporation is authorized to issue 10,000 shares of $100 par, convertible, callable preferred stock and 80,000 shares of no-par, no-stated value common stock. There are currently 7,000 shares of preferred and 30,000 shares of common stock outstanding. The following are several alternative transactions:
Required:
Next Level Prepare the journal entry necessary to record each transaction. Below each entry, explain your reason for the values used.
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