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(1) Mary Me Not Corporation has $10 par value common stock is actively traded at a market price of $20 per share. Mary issues 5,000 shares to purchase land advertising for sale at $120,000. Journalize the issuance of the stock in exchange for the land.
(2) On August 15, Joe Rainey Corporation purchases 500 shares of par value common stock for the treasury at a cash price of $10 per share. On November 19, it sells 300 shares of the treasury stock for $15 per share. Journalize the two transactions.
(3) In and Out Retailers sell 2,000 shares of $200 par value preferred stock for $220 each. Journalize the entry.
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