Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $100 par value 5% 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 2,000 shares of preferred stock for cash at $250 per share. May 23 Issued 4,000 shares of common stock at $15.50 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. Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $100 par value 5% 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 2,000 shares of preferred stock for cash at $250 per share. May 23 Issued 4,000 shares of common stock at $15.50 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