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Prepare the necessary journal entry for each of the following transactions for Renfro Corporation.
(a) Issued 2,000 ordinary shares with a $5 par value for $16 per share.
(b) Issued 5,000 shares for land advertised for sale at $80,000. Renfro's shares are actively traded at a market price of $15 per share.
Incentive
Something that induces a person to act
Empirical Work
Research that relies on actual experience or observation rather than theory or pure logic, often involving the collection and analysis of data.
Productivity
An indicator of production effectiveness, typically shown as the proportion of outputs versus inputs in the manufacturing process.
Wage Differentials
The variation in pay rates between different sectors, roles, or geographical locations, often influenced by skill levels, supply and demand, and living costs.
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