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Coastal Corporation issued 40,000 shares of $5 par value common stock at $17 per share and 9,600 shares of $50 par value, eight percent preferred
Coastal Corporation issued 40,000 shares of $5 par value common stock at $17 per share and 9,600 shares of $50 par value, eight percent preferred stock at $78 per share. Later, the company purchased 4,800 shares of its own common stock at $20 per share.
a. Determine the financial statement effect of the share issuances and the purchase of its own common shares.
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