2. Kenley Inc. was organized and authorized to issue 25,000 shares of $100 par value, 6% percent preferred stock and 250,000 shares of $1 par value common stock on June 1, 2013.

June 1 Issued 5,000 shares of common stock at $7 per share

June 1 Issued 500 shares of common stock at $6 per share for services rendered in connection with the organization of the company

June 2 Issued 1,000 shares of preferred stock at par value for cash

July 10 Issued 2,500 shares of common stock for land on which the asking price was $70,000. Market value of the stock was $12. Management wishes to record the land at full market value of the stock.

Aug 1 Issued 1,000 shares of preferred stock at $110 per share.

Sept 30 Issued 10,000 shares of common stock for $11 per share.