Plachy Products, Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 55,000 shares of 2% preferred stock, $55 par and 500,000 of $25 par common stock. The following selected transactions were completed during the first year of operations: February 20 Issued 120,000 shares of common stock at par for cash. February 26 Issued 770 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. March 6 Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market values of $75,000, $310,000 and $45,000, respectively. April 29 Issued 19,000 shares of preferred stock at $70 for cash