Blue Spruce Corporation was organized on January 1, 2022. It is authorized to issue 12.000 shares of 8%, $100 par value preferred stock, and 462,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,500 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000. May 1 Issued 76,500 shares of common stock for cash at $5.25 per share. Aug 1 Sept. Nov. 1 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $112 per share.