Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par value preferred stock ($4 is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the following transactions affecting stockholders' equity occurred: July 1 Issued 35,000 shares of common stock at $21 cash per share. 12 Issued 3,900 shares of common stock in exchange for equipment with a fair market value of $67,000. 15 Issued 9,000 shares of preferred stock for cash at $44 per share.