Trans World Publishing was recently organized as a corporation. The company issued common stock to an attorney who provided legal services worth $27,000 to help with the incorporation.Trans World also issued common stock to an inventor in exchange for her patent with a market value $79,000. In addition,Trans World received cash both for the issuance of 7,000 shares of its preferred stock at $50 per share and for the issuance of 18,000 of its common shares at $7 per share. During the first year of operations,Trans World earned net income of $97,000 and declared a cash dividend of $27,000.