Torey corporation was organized on april 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. during april, the following transactions affecting stockholders’ equity occurred: apr. 1 issued 80,000 shares of common stock at $40 cash per share. 3 issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. the services were valued at $31,000. 8 issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000. 20 issued 6,000 shares of preferred stock for cash at $80 per share.

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Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest. extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of