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 commonstock 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 stare. 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 584,000 May 1 Issued 76.500 shares of common stock for cash at 55.25 per share. Aug 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in heiping the company organize. Sept: I Issued 12,000 shares of common stock for cash at $7 per share. Nov: 1. Issued 3,000 shares of preferred stock for cash at $112 per share