Ayayai Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 450,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Issued 75,000 shares of common stock for cash at $4 per share. Jan. 10 Mar 1 Issued 4,000 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 22,000 shares of common stock for land. The asking price of the land was $85,000. The fair value of the land was $80,000. May 1 Issued 75,000 shares of common stock for cash at $4.25 per share. Aug 1 Sept. 1 Nov. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $35,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $108 per share.