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This is a financial reporting question. I do not understand why common stock is 720000. Why did they only record common stock for 1 person

This is a financial reporting question. I do not understand why common stock is 720000. Why did they only record common stock for 1 person instead of 4 people like they did in cash? Is paid in capital in excess of par a plug?

Also where did the 340000 come from?

Can someone EXPLAIN the answers? The answers are already given.

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