Blue Corporation's charter authorized issuance of 90,000 shares of $10 par value common stock and 53,400 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. 1) Issued 260 shares of common and 130 shares of preferred for a lump sum amounting to $11,900. The common had been selling at $15 and the preferred at $70.