6. 7. Issuing Stock (Need to Know 11.1) At low Vegas Inc. was recently incorporated. The corporate charter permits the issuance of 1,000,000 shares of $5 par common stock and 100,000 shares of 6% $100 par preferred stock. 114 1. Sold 100,000 shares of common to original incorporators at par millo 2. Sold 400,000 shares of common at 12. 3. Sold 1,000 shares of the 6% $100 par preferred at $108. 4. Issued 20,000 shares of common in exchange for property we needed for expansion. The appraised values were: Land $200,000 Building $300,000 5. Issued 20,000 shares of common in exchange for a patent. The current market price of the stock was $20 a share. Received a parcel of land from the city to be used for a planned expansion, appraised value $150,000. The income summary has a credit balance of $1,200,000 at the end of the fiscal year, close it.