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Cutlass Corporation is authorized by the state government to issue 40,000 shares of $1 par value common stock. On March 15, the company issues 1,000

Cutlass Corporation is authorized by the state government to issue 40,000 shares of $1 par value common stock. On March 15, the company issues 1,000 shares for $6 cash per share. On April 19, the company issues another 800 shares for $7 per share. Record these transactions.

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