You've just opened a margin account with $20,000 at your local brokerage firm. You instruct your broker to purchase 500 shares of Landon Golf stock, which currently sells for $60 per share. a. What is your initial margin? (Enter your answer as a percent rounded to 2 decimal places.) Initial margin b. Construct the equity account balance sheet for this position. 500 shares Total % Assets Liabilities and account equity Margin loan Account equity Total

You've just opened a margin account with $20,000 at your local brokerage firm. You instruct your broker to purchase 500 shares of Landon Golf stock, which currently sells for $60 per share. a. What is your initial margin? (Enter your answer as a percent rounded to 2 decimal places.) b. Construct the equity account balance sheet for this position