Copper Corporation was organized in May. It is authorized to issue $50,000,000$ shares of $$200$ par value $7\%$ preferred stock. It is also authorized to issue $75,000,000$ shares of $$5$ par value common stock. In its first year, the corporation has the following transactions:

May $1$ Issued $1,000$ shares of preferred stock for cash at $$250$ per share

May $23$ Issued $2,000$ shares of common stock at $$15\mathrm{.}50$ per share

Jun. $10$ Issued $15,000$ shares of common stock for equipment without a readily determinable value. The stock is currently trading at $$15$ per share.