Shares of common stock with a par value

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13,000 shares of common stock with a par value of \$50 per share are issued in exchange for land and buildings. The property has been appraised at a fair market value of \$810,000, of which \$180,000 has been allocated to land and \$630,000 to buildings. The stock of Fred Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago at \$65 per share, and a block of 200 shares was sold at \$58 per share 18 months ago.

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