1. Issuing Stock.
   1. On October 15, 2015, Jake, a non-publicly traded company, issued 500,000 of its $0.10 par value common stock in exchange for a building. As of October 15, 2015, Jake estimated one share of its company stock was worth $15. As of October 15, 2015, a consensus of real estate agents determined the buildings fair value was $7,800,000. Prepare the entry Jake should make on October 15, 2015.