Alexia Corporation was organized on January 1, 2012. It is authorized to issue 14,510 shares of 8%, $100 par value preferred stock, and 459,900 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 83,490 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,360 shares of preferred stock for cash at $104 per share. Apr. 1 Issued 23,380 shares of common stock for land. The asking price of the land was $88,290. The fair market value of the land was $87,070. May 1 Issued 80,170 shares of common stock for cash at $7.20 per share. Aug. 1 Issued 11,840 shares of common stock to attorneys in payment of their bill of $40,300 for services provided in helping the company organize. Sept. 1 Issued 11,340 shares of common stock for cash at $9 per share. Nov. 1 Issued 2,630 shares of preferred stock for cash at $112 per share. Post to the stockholders' equity accounts. (Use J5 as the posting reference.)