Question: Journalize preferred stock transactions and indicate statement presentation. Tran Corporation is authorized to issue both preferred and common stock. The par value of the preferred

Journalize preferred stock transactions and indicate statement presentation. Tran Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 20,000 shares for cash at $53 per share. July 1 Issued 12,000 shares for cash at $57 per share. Instructions Journalize the transactions.

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