Blue Corporation was organized on January 1,2020. It is authorized to issue 10,900 shares of 8%,$100 par value preferred stock. and 507.800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. Issued 80,990 shares of common stock for cash at $7 per share. 10 . Mar. Issued 5,280 shares of preferred stock for cash at $110 per share. 1 . Apr. Issued 24,410 shares of common stock for land. The asking price of the land was $90,500; the fair value of the land was 1$80,990 May Issued 80,990 shares of common stock for cash at $9 per share. 1 Aug. Issued 10,900 shares of common stock to attorneys in payment of their bill of $53,200 for services rendered in helping the 1 company organize. Sept. Issued 10,900 shares of common stock for cash at $11 per share. 1 Nov. Issued 1,090 shares of preferred stock for cash at $114 per share. 1 . Blue Corporation was organized on January 1,2020. It is authorized to issue 10,900 shares of 8%,$100 par value preferred stock. and 507.800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. Issued 80,990 shares of common stock for cash at $7 per share. 10 . Mar. Issued 5,280 shares of preferred stock for cash at $110 per share. 1 . Apr. Issued 24,410 shares of common stock for land. The asking price of the land was $90,500; the fair value of the land was 1$80,990 May Issued 80,990 shares of common stock for cash at $9 per share. 1 Aug. Issued 10,900 shares of common stock to attorneys in payment of their bill of $53,200 for services rendered in helping the 1 company organize. Sept. Issued 10,900 shares of common stock for cash at $11 per share. 1 Nov. Issued 1,090 shares of preferred stock for cash at $114 per share. 1