Air One Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Air One completed these share-issuance transactions: June 23 Issued 1,900 common shares for cash of $16.5 per share. July 2 Issued 600$2.50 preferred shares for $22,000 cash. Received inventory valued at $13,000 and equipment with fair 12 value of $47,000 for 3,100 common shares. Air One Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Air One completed these share-issuance transactions: June 23 Issued 1,900 common shares for cash of $16.5 per share. July 2 Issued 600$2.50 preferred shares for $22,000 cash. Received inventory valued at $13,000 and equipment with fair 12 value of $47,000 for 3,100 common shares