Jan. 6 Issued for cash 20,000 shares of common stock at $14 per share. The shares were issued to Sharnes and 10 other investors. Jan. 7 Issued an additional 500 shares of common stock to Sharnes in exchange for his services in organizing the corporation. The stockholders agreed that these services were worth $7,000. Jan.12 Issued 2,500 shares of preferred stock for cash of $250,000. June 4 Acquired land as a building site in exchange for 15,000 shares of common stock. In view of the appraised value of the land and the progress of the company, the directors agreed that the common stock was to