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Corp issues common stock in exchange for legal services received. The common stock has a fair value of $1,000 and a par value of $300.

Corp issues common stock in exchange for legal services received. The common stock has a fair value of $1,000 and a par value of $300. What is the journal entry required to record this transaction?

1) By what amount did this transaction affect Corp’s total shareholder equity?

2) By what amount did this transaction affect Corp’s net income for the year?

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