You and your two friends will purchase common stock by making the following capital contributions:

• You will invest $200,000
• Friend 1 will invest $100,000 in cash plus a patent with a fair market value of $100,000.
• Friend 2 will invest $100,000 in cash plus a fleet of refrigerated trucks with a fair market value of $500,000
• Capital stock:
  • You will authorize 100,000 shares of common stock (common shares) with no par value.
  • You will issue (i.e., sell) all 100,000 shares for the corporation's initial capitalization.
  • You will divide the equity of the corporation based on your capital contributions that you are each making.

Question.

• How many shares will you each get for your capital contributions?

• How - if at all - will you deal with the potential uncertainties regarding the fair market value of the patent contributed by Friend 1 and the fleet of refrigerated trucks contributed by Friend 2?