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Cactus Joe Corporation Reported Stockholders' Equity on January 1 of the Current

Question 90

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Cactus Joe Corporation reported stockholders' equity on January 1 of the current year as follows: Common Stock,$5 par value,1,000,000 shares authorized,600,000 shares issued;Paid-in Capital in Excess of Par Value,Common Stock,$1,025,000;Retained Earnings,$1,850,000.Prepare journal entries to record the following transactions: Cactus Joe Corporation reported stockholders' equity on January 1 of the current year as follows: Common Stock,$5 par value,1,000,000 shares authorized,600,000 shares issued;Paid-in Capital in Excess of Par Value,Common Stock,$1,025,000;Retained Earnings,$1,850,000.Prepare journal entries to record the following transactions:

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