1. A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares of 496, $12 par preferred stock, and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: Jan 3 Issued 15,000 shares of common stock at $23 per share for cash. Feb. 24 Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000 respectively. Mar. 15 Issued 2,000 shares of preferred stock at $56 for cash. 1. A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares of 496, $12 par preferred stock, and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: Jan 3 Issued 15,000 shares of common stock at $23 per share for cash. Feb. 24 Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000 respectively. Mar. 15 Issued 2,000 shares of preferred stock at $56 for cash