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Cowboy Clothing issues 2 , 4 0 0 shares of its $ 0 . 0 1 par value common stock to provide funds for further

Cowboy Clothing issues

2, 400

shares of its $

0.01

par value common stock to provide funds for further expansion. Assume the issue price is $

11

per share.

Determine the financial statement effects of the issuance of common stock.

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