Question: Morris had the following transactions during 2012: 1. Issued 2,000 shares of $10 par common stock for cash at $17 per share. 2. Issued 1,000

Morris had the following transactions during 2012:

1. Issued 2,000 shares of $10 par common stock for cash at $17 per share.

2. Issued 1,000 shares of preferred stock to acquire land. The preferred stock has a par value of $5 per share. The land has been appraised at $7,000.

3. Issued 5,000 shares of $10 par common stock as payment to a company that provided advertising for the company. The stock was selling on the stock exchange at $12 per share at the time of issuance.

Required

Identify and analyze the effect of each transaction

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