PA 5. LO 14.2Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions:

May 1	Issued 1,000 shares of preferred stock for cash at $250 per share
May 23	Issued 2,000 shares of common stock at $15.50 per share
Jun. 10	Issued 15,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $15 per share.