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Chavoy Corporation was organized on July 1. The companys charter authorizes 100,000 shares of $1...

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Accounting

Chavoy Corporation was organized on July 1. The companys charter authorizes 100,000 shares of $1 par value common stock. On August 1, the attorney who helped organize the corporation accepted 1,040 shares of Chavoy common stock in settlement for the services provided. (The services were valued at $12,480.) On August 15, Chavoy issued 6,500 common shares for $97,500 cash. On October 15, Chavoy issued 3,900 common shares to acquire a vacant land site appraised at $62,400. Determine the financial statement effect of the stock issuances on August 1, August 15, and October 15.

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