enovo Chapter 11 Homework 120% Financial Accounting I: FALL 2017, AC ACCOUNTING Chapter 11 Homework Question 5 (of 9 5. 250 points Hammond Corporation was formed when it issued shares of common stock to two of its shareholders Hammond issued 7,000 shares of $11 par common stock to P Coldwell in exchange for $91,000 cash (the issue price was $13 per share) Hammond also issued 2,900 shares of stock to M. Roberts in exchange for a one-year-old delivery van on the same day Roberts had originally paid $45,240 for the van Required a. What was the market value of the delivery van on the date of the stock issue? b. Show the effect of the two stock issues on Hammond's books in a horizontal statements model like following one In the Cash Flow column