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Time Company issues 4,000 shares of its $5 par value common stock having a fair value of $25

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January 11th, 2018

Time Company issues 4,000 shares of its $5 par value common stock having a fair value of $25 per share and 6,000 shares of its $15 par value preferred stock (fair value is not known) for a lump sum of $205,000. What is the entry to record the issuance of the shares?

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