Burke Corporation was organized on January 1, 2014. It is authorized to issue 10,600 shares of 8%, $101 par value preferred stock, and 468,100 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.
| Jan. 10 |
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Issued 98,500 shares of common stock for cash at $8 per share. |
| Mar. 1 |
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Issued 4,600 shares of preferred stock for cash at $106 per share. |
| Apr. 1 |
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Issued 18,500 shares of common stock for land. The asking price of the land was $102,000. The fair value of the land was $90,300. |
| May 1 |
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Issued 84,400 shares of common stock for cash at $6.50 per share. |
| Aug. 1 |
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Issued 10,300 shares of common stock to attorneys in payment of their bill of $38,300 for services provided in helping the company organize. |
| Sept. 1 |
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Issued 10,100 shares of common stock for cash at $8 per share. |
| Nov. 1 |
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Issued 1,440 shares of preferred stock for cash at $115 per share. |