A corporation was organized on Jan 1, of the current year, with an authorization of 20,000 shares of $4 PREFERRED STOCK, $12 par, & 100,000 shares of $3 par COMMON STOCK & the following selected transactions were completed during the 1st year of operations.
Jan 3- Issued 15,000 shares of common stock at $23 per share for cash
Jan 31- Issued 2000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. The value of the stock was at the time of payment was $25 per share.
Feb 24- Issued 20,000 shares of common stock in exchange for land, buildings, & equipment with fair market prices of $65,000, $120,000, & $45,000 respectively
Mar. 15- Issued 2,000 shares of preferred stock at $56