On July 3, 1998, Barr Company was authorized to issue 15,000 shares of common stock 3,000 shares were issued immediately to the incorporators of the company for cash at \(\$ 320\) per share. On July 5 of that year, an additional 300 shares were issued to the incorporators for services rendered in organizing the company. The board valued these services at \(\$ 96,000\). On July 6,1998 , legal and printing costs of \(\$ 12,000\) were paid. These costs related to securing the corporate charter and the stock certificates.

a. Set up T-accounts and post these transactions. Then prepare the balance sheet of the Barr Company as of the close of July 10, 1998, assuming the authorized stock has a \(\$ 160\) par value.

b. Repeat

(a) for the T-accounts involving stockholders' equity, assuming the stock is no-par stock with a \(\$ 240\) stated value. Prepare the stockholders' equity section of the balance sheet.

c. Repeat

(a) for the T-accounts involving stockholders' equity, assuming the stock is no-par stock with no stated value. Prepare the stockholders' equity section of the balance sheet.