Concord Corporation had the following transactions during the current period. Mar. 2 Issued 4,800 shares of $7 par value common stock to attorneys in payment of a bill for $37,600 for services performed in helping the company to incorporate. June 12 Issued 56,500 shares of $7 par value common stock for cash of $479,600. July 11 Issued 2,800 shares of $120 par value preferred stock for cash at $130 per share. Nov. 28 Purchased 2,620 shares of treasury stock for $75,000. Journalize the transactions.

1. which one of the following would be an example of a supply-side market failure? a. a gas station is slowly leaking diesel fuel from its underground tanks, and after the leak is discovered, the business immediately cleans up the pollution at its own expense. b. a gas station is slowly leaking diesel fuel from its underground tanks, but the state uses taxpayer money to clean up the pollution rather than requiring the business to pay. c. your business wants to attract repeat customers by putting on a customer-appreciation picnic at a public park, but you decide not to because you couldn't prevent noncustomers from consuming the food and entertainment you provided. d. everyone rushes to the local retail outlet at midnight on the day of the release of a new video game console, and the store runs out before everyone is able to buy one.