Kenley Inc. was organized and authorized to issue 25,000 shares of $100 par value, 6% percent preferred stock, and 250,000 shares of $3 par value common stock on June 1.

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.