7327

Glass Corporation began operations on September 1, 2011. The corporation’scharter authorized 150,000 shares of $8 par value common stock. GlassCorporation engaged in the following transactions during its first quarter:Sept. 1 Issued 25,000 shares of common stock, $250,000.1 Paid an attorney $16,000 to help start up and organize thecorporation and obtain a corporate charter from the state.Oct. 2 Issued 40,000 shares of common stock, $480,000.15 Purchased 5,000 shares of common stock for $75,000.Nov. 30 Declared a cash dividend of $0.40 per share to be paid onDecember 15 to stockholders of record on December 10.