Ayayai Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. During 2022 , the following transactions occurred. Feb. 1 Issued 2,100 shares of preferred stock for land having a fair value of $121,000. Mar. 1 Issued 1,100 shares of preferred stock for cash at $70 per share. July 1 Issued 17,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $68 and the fair value for the patent was indeterminable. Dec. 1 Issued 7,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $255,000. No dividends were declared. Date Account Titles and Explanation Debit Credit