quick fix-it corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. the charter issued by the state authorized the following stock: common stock, $17 par value, 98,700 shares authorized preferred stock, $48 par value, 8 percent, 59,200 shares authorized during january and february of this year, the following stock transactions were completed: a. sold 80,000 shares of common stock at $34 cash per share. b. sold 21,400 shares of preferred stock at $67 cash per share. c. bought 4,500 shares of common stock from a current stockholder for $23 cash per share.
