Cash and Noncash Share Issuances Chavoy Corporation was organized on July 1. The company's charter authorizes 100,000 shares of $1 par value common stock. On August 1, the attorney who helped organize the corporation accepted 1,400 shares of Chavoy common stock in settlement for the services provided. (The services were valued at $16,800.) On August 15, Chavoy issued 8,750 common shares for $131,250 cash. On October 15, Chavoy issued 5,250 common shares to acquire a vacant land site appraised at $84,000. Determine the financial statement effect of the stock issuances on August 1, August 15, and October 15. August 1 August 15 October 15 Check Balance Sheet Assets Income Statement = Liabilities Equity Revenues Expenses = Net Income