Stengel Company was organized on March $1,2025.$ It is authorized to issue $20,000$ shares of $5\%,$ $$100$ par value preferred stock, and $1,500,000$ shares of no$-$par common stock with a stated value of $$1$ per share. The following stock transactions were completed during the first year.

August $1$

Issued $10,000$ shares of common stock to attorneys in payment of their bill of $$35,000$ for services rendered in helping the company organize.

November $1$

Issued $10,000$ shares of common stock and $1,000$ shares of preferred stock for a lump sum of $$280,000.$ The fair value of the common stock is $$120,000.$ The fair value of the preferred stock cannot be determine