In 2013, Elizabeth and some of her friends invested money to start a company named FRIENDZ' Corporation. The following transactions occurred during 2013: Jan The corporate charter authorized 70,000, $5 cumulative preferred stock and unlimited common stock up to a 1 maximum amount of $20,000,000 to be issued. Jan 6 Jan Issued another 500 common shares to Elizabeth in exchange for her legal services in setting up the 7 corporation. The stockholders agreed that the legal services were worth $60,000. Jan 12 Jan Issued 10,000 common shares in exchange for a building acquired. For this purpose shares were valued at 14 $16. Nov 15 Issued 200,000 common shares at $16 per share. Shares were issued to Elizabeth and other investors. Issued 3,500 preferred shares for $350,000 The first annual dividend on preferred stock was declared. Paid the dividends declared on preferred stock. dividends declared on preferred stock 20 FRIENDZ Corporation generated a $125,000 net income during the year. In 2013, Elizabeth and some of her friends invested money to start a company named FRIENDZ' Corporation. The following transactions occurred during 2013: Jan The corporate charter authorized 70,000, $5 cumulative preferred stock and unlimited common stock up to a 1 maximum amount of $20,000,000 to be issued. Jan 6 Jan Issued another 500 common shares to Elizabeth in exchange for her legal services in setting up the 7 corporation. The stockholders agreed that the legal services were worth $60,000. Jan 12 Jan Issued 10,000 common shares in exchange for a building acquired. For this purpose shares were valued at 14 $16. Nov 15 Issued 200,000 common shares at $16 per share. Shares were issued to Elizabeth and other investors. Issued 3,500 preferred shares for $350,000 The first annual dividend on preferred stock was declared. Paid the dividends declared on preferred stock. dividends declared on preferred stock 20 FRIENDZ Corporation generated a $125,000 net income during the year