Mars Enterprises Inc. manufactures office furniture. The company was incorporated on January 1, 2020 with an authorized share of 500,000 common stock with a $90 par value per share and 300,000 shares of no-par value 8% preferred stock with a stated value of $50 per share. The following stock transactions were completed during the first year.

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January 20 Issued 8000 shares of common stock for cash at $120 per share.

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March 20 Issued 1500 shares of common stock to the consultants for helping the company appraise an up-coming project. The on-going market price of the common stock at that time was $120 per share.

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May 20 Issued 1100 shares of common stock to buy equipment, the asking price of the equipment was $150,000. However at the time of the transaction, each common stock was trading at $110 in the market.

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August 20 Issued 15000 shares of preferred stock for cash at $60 per share.

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