Skelton corporation was organized on june 1. the company's charter authorizes 500,000 shares of 5 par value common stock. on july 1, the attorney who helped organize the corporation accepted 600 shares of skelton common stock in settlement for the services provided (the services were valued at8,000). on july 15, skelton issued 6,000 common shares for 65,000 cash. on september 15, skelton issued 2,000 common shares to acquire a vacant land site appraised at28,000. What is the total value of the common stock issued by Skelton corporation?
1) 8,000
2) 65,000
3) 28,000
4) Cannot be determined
