Question: Monty Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations,

Monty Corp. 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 45,500 shares for cash at $55 per share. July 1 Issued 63,500 shares for cash at $58 per share.

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