NCOS Corporation was organized on January 1, 2015. It is authorized to issue 100,000 shares of 8%, $100 par value preferred stock and 1,000,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 1 Issued 50,000 shares of common stock for cash at $5 per share Mar. 1 Issued 90,000 shares of common stock for cash at $8 per share Apr. 1 Issued 1,000 shares of preferred stock for cash at $112 per share. Aug. 1 Issued 5,000 shares of preferred stock for cash at $108 per share.