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1. Swifty Corporation issued 309 shares of $10 par value common stock and 141 shares of $50 par value preferred stock for a lump sum of $18,252. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.

Prepare the journal entry to record the issuance

2. Oriole Corporation issued 530 shares of $100 par value preferred stock for $64,400.

Prepare Oriole’s journal entry.

3. The common stock of Stellar Inc. is currently selling at $119 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $68 per share. 9.20 million shares are issued and outstanding.

Prepare the necessary journal entries assuming the following.

(a) The board votes a 2-for-1 stock split.

(b)

The board votes a 100% stock dividend.
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