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On January 2, 20X1, Cotton Inc. issued 18,000 shares of $5 par-value common stock and 3,300 shares of 10 percent, $100 par-value preferred stock for

On January 2, 20X1, Cotton Inc. issued 18,000 shares of $5 par-value common stock and 3,300 shares of 10 percent, $100 par-value preferred stock for cash at par value.

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