Pharoah Corporation was organized on Jaunary $1,2027.$ It is authorized to issue $14,500$ shares of $8\%,$ $$100$ par value preferred stock, and $533,000$ shares of no par common stock with a stated value of $$3$ per share. The follwing stock transactions were competed during the first year.Jan. $10$ Issued $78,000$ shares of common stock for cash at $$6$ per share.

Mar. $1$ Issued $4,750$ shares of preferred stock for cash at $$105$ per share.

Apr. $1$ Issued $24,000$ shares of common stock for land. The asking price of the land was $$87,000.$ The fair value of the land was $$87,000.$

May $1$ Issued $76,500$ shares of common stock for cash at $$4\mathrm{.}25$ per share.

Aug. $1$ Issued $11,000$ shares of common stock to attorneys in payment of their bill of $$42,000$ for services performed in helping the company organize.

Sept. $1$ Issued $11,500$ shares of common stock for cash at $$5$ per share.

Nov. $1$ Issued $1,500$ shares of preferred stock for cash at $$108$ per share.

Aug. $1$

Organization Expense

$42,000$

Common Stock

Sept. $1$

Cash

Common Stock

Nov. $1$

$162,000$

$150,000$

Preferred Stock