Blue Spruce Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) $575,000 Paid-in Capital in Excess of Par-Preferred Stock 65,500 Common Stock (60,500 shares) 302,500 Paid-in Capital in Excess of Par-Common Stock 740,000 Retained Earnings 350,000 During 2022, the following transactions occurred. Feb. 1 Issued 2,200 shares of preferred stock for land having a fair value of $121,000. Mar. 1 Issued 1,000 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 350 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $69 and the fair value for the patent was indeterminable. Dec. 1 Issued 8,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $263,000. No dividends were declared.