The shareholders equity section of Mountvale Associates is as follows: The following selected transactions occurred during 2015:

The shareholders’ equity section of Mountvale Associates is as follows:

The following selected transactions occurred during 2015:
1. 1/1/15: A 20 percent stock dividend was issued. The fair market value of the stock at the time was $3 per share.
2. 8/25/15: Land was purchased in exchange for 6,000 shares of common stock. The fair market value of the stock was $3 per share.
3. 12/31/15: Common stock was issued for cash.

REQUIRED:
How many shares of common stock did Mountvale issue on December 31, 2015, and how much cash did the issuance generate? Show all calculations clearly.

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2015 2014 Common stock ($1 par value) Additional paid-in capital (C/S) Retained earnings Total shareholders' equity $128,000 $100,000 12,000 35,000 $264,000 $147,000 95,000 41,000