Question: Your answer is partially correct. Try again. Sarasota Corp. began operations on April 1 by issuing 52,400 shares of $5 par value common stock for

Your answer is partially correct. Try again. Sarasota Corp. began operations on April 1 by issuing 52,400 shares of $5 par value common stock for cash at $16 per share. In addition, Sarasota issued 2,500 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares.

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