Torey corporation was organized on april 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. during april, the following transactions affecting stockholders’ equity occurred: apr. 1 issued 80,000 shares of common stock at $40 cash per share. 3 issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. the services were valued at $31,000. 8 issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000. 20 issued 6,000 shares of preferred stock for cash at $80 per share.