1 Culver Corporation was organized on January 1, 2020. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan 10 Issued 80,500 shares of common stock for cash at $4 per share. Mar. Issued 4,550 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,500 shares of common stock for land. The asking price of the land was $92,500. The fair value of the land was $85,000. May 1 Issued 80,000 shares of common stock for cash at $5.00 per share. Aug 1 Issued 10.000 shares of common stock to attorneys in payment of their bill of $44,500 for services performed in helping the company organize. Sept. Issued 11,500 shares of common stock for cash at $7 per share. Issued 2.500 shares of preferred stock for cash at $114 per share. 1 Nov 1 Date Account Titles and Explanation Debit Credit V