Max Inc. issued 5,400 shares of Class A common stock ($1 par) and 7,200 shares of Class B common stock ($2 par) at a price of $144,000. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share.

144,000 Jan 1, 2020 Cash Common Stock-Class A Paid-in Capital in Excess of Par-Common Stock Common Stock-Class B Paid-in Capital in Excess of Par-Common Stock 0 5,400 70,200 x 14,400 67,765 x