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Problem 4.1 Record the following transaction on the company's book: A new-born firm sold 60,000 shares of its $3 par value common stock for $28

Problem 4.1 Record the following transaction on the company's book:

A new-born firm sold 60,000 shares of its $3 par value common stock for $28 per share to its founder.

Please support your answer with calculations and explanations.

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