2 Problem 2 3 Denison Corporation is authorized to issue 10,000, no par value $10 convertible preferred 4 shares and 125,000 par value common shares with a stated value of $10 per share. July 15 Issued 1,000 preferred shares for a building having a fair market value of $125,000. The market value of the shares on this date was $120 per share. Holders of 2,000 preferred shares purchased at $110 per share converted the shares into common shares. Each preferred share was convertible into 8 common shares. Market values were preferred shares, $122, and common shares, $17. Issued 4,500 common shares for land. The asking price of the land was 60,000. The market value of the common shares was $18. 5 During 2022 the following transactions occurred: 6 7 Feb. 6 B 9 10 11 12 13 14 Sept. 22 15 16 17 Oct. 30 18 19 20 21 22 23 24 25 26 Dec. 1 Issued 10,000 common shares for cash at $19 per share. Issued 6,000 common shares for a patent. The asking price for the patent was 60,000. The market value of the common shares was $20 per share