Mohammed Rugs, Inc., Authorizes the company to issue 100,000 share of $3.00, no par preferred stock and 500,000 share of common Stock with $1.00 par value. Mohammed completed the following transactions: 20 puntos Aug. 6 Issued 500 share of common stock to the promoter who organized the corporation, receiving cash of $15,000. 12 Issued 300 share of preferred stock for cash of $20,000. 14 Issued 1,000 share of Common Stock in exchange for land valued at $26,000.