CNN Corporation is authorized to issue 1,000,000 shares of $4 par value common stock. During 2020, its first year of operation, the company has the following stock transactions. Jan. 27 Issued 250,000 shares of stock at $17 per share. Jan. 31 Attorneys for the company accepted 1,500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services have a value of $16,000. June 13 Issued 25,000 shares of stock for land. The land had an asking price of $275,000. The stock is currently selling on a national exchange at $9.50 per share. Aug. 15 Purchased 15,000 shares of treasury stock at $10.50 per share. Nov. 8 Sold 9,000 shares of the treasury