1 Problem 1: The Highland Corporation was organized on January 1, 2022. It is authorized to issue 20,000 shares of no par value preferred shares with a $3 dividend rate S and 500.000 no par value common shares. The following transactions were completed during the first year. Jan. 101 Issued 100.000 common shares for cash at $3 per share. 9 Mar. 1 Issued 10,000 preferred shares for cash at $52 per share. 27 23 21 I Apr. 1 May 1 July 24 hsued 25.000 common shares for land. The fair market value of the land was $85,000 The market value of the common shares was $3.50 per share on this date. sued 75.000 common shares for cash at $4 per share. Issued 10.000 common shares to lawyers in payment of their bill of $50,000 for services rendered in helping the company organize. The market value of the shares was $4.50 on this date Date Jan. 10 Particulars 0 C +