Issuance of stock

Ventures Inc. was formed on January 1 to invest in artwork. The company is authorized to issue 10,000 shares of $1 par-value common stock and 1,000 shares of 10%, $50 par-value cumulative preferred stock. The following selected transactions occurred during the first quarter of operation:

Jan. 3	Sold 5,000 shares of common stock to the corporation's founders at $30 per share.
19	Sold 600 shares of preferred stock at $58 per share.
Feb. 4	Issued 100 common shares to an attorney for $3,300 of legal work related to corporate start-up and formation.
11	Issued 2,000 shares of common stock to Pierre LaTour in exchange for a painting appraised at $75,000. The art originally cost LaTour $30,000.

YOUR ANSWERS BASED UPON COURSE START DATE 3-Jan Cash Common stock Paid-in-capital in excess of par common stock Jan. 19 Cash Preferred stock Paid-in-capital in excess of par- Preferred stock 4-Feb Organization costs Common stock Paid-in-capital in excess of par common stock Investment in art work Common stock Paid-in-capital in excess of par common stock Stockholders Equity Common stock, $1 parvalue, authorized 10,000 shares, shares issued and outstanding Preferred stock,10%, $50 par, authorized 1000 shares shares issued and outstanding Total Capital Stock Paid-in-Capital in excess of par: Common stock Preferred stock Total Paid-in-Capital Retained earnings Total Shareholders Equity