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On August 1, the attorney who helped organize the corporation accepted 1,040 shares of Chavoy...

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Accounting

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. Balance Sheet Income

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