Question: On January 1 , 2 0 2 4 , Classic issued its common stock for $ 4 4 0 , 0 0 0 . Early

On January1,2024, Classic issued its common stock for $ 440,000. Early in January, Classic made the following cash payments:
$ 180,000 for equipment
$ 203,000 for inventory (seven cars at $ 29,000each)
$ 17,000 for 2024 rent on a store building

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