Ravonette Corporation issued 300 shares of $10 par value common

Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market value of $20 per share, and the preferred stock has a market value of $90 per share. Prepare the journal entry to record the issuance.

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