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You just opened a margin account with $20,000 at your local brokerage firm. You instruct your broker to purchase 500 shares of Landan Golf stock,

You just opened a margin account with $20,000 at your local brokerage firm. You instruct your broker to purchase 500 shares of Landan Golf stock, which currently sells for $60 per share. What is your initial margin? Construct the equity account balance sheet for this position.

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