Beauty island corporation began operations on april 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. on april 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for organization costs. in addition, beauty island issued 1,000 shares of $1 par value preferred stock for $6 cash per share.
journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded

Martha is one producer in the perfectly competitive jelly industry. last year, martha and all of her competitors found themselves earning economic profits. if there is free entry and exit, what do you expect to happen to the number of suppliers in the industry and the price of jelly? the number of suppliers will increase, and the price of jelly will fall. the number of suppliers will decrease, and the price of jelly will increase. the number of suppliers will increase, and the price of jelly will increase. the number of suppliers will decrease, and the price of jelly will fall.