A corporabon was organized on January 1 of the current veac, with an authoruation of 20,000 shares of 4%,$12 par preferred stock, and 100,000 shares of $3 par comrion stock The following selected transactions were completed during the first year of operations: Jan. I Issued 15,000 shares of common stock at $23 per shere for cash. 31 Issued 200 shares of common stock to an attorney in payment of leoal fees for organiting the: corporation. The value of the stock at the time of payment was $25 per shore. I eb. 24 Issued 20,000 shares of cormon stock in exchange for land, buildings, and equipment with fair market prices of $65,000,$120,000, and $45,000 respectively. Mar, 15 Isved 2,000 shares of preferied stock at $56 for cash. corporation. The value of the stock at the time of payment was $25 per share. 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