Blue Spruce Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 105,000 preferred shares with a $6 dividend. The following share transactions were completed during the first year: Jan. 10 Issued 215,000 common shares for cash at $24 per share. Mar. 1 Issued 17,900 preferred shares for cash at $119 per share. Apr. 1 May 1 Issued 3,000 common shares for land. The asking price for the land was $67,000; its fair value was $60,100. Issued 21,000 common shares for cash at $18 per share. Aug. 1 Sept. 1 Nov. 1 Issued 2,000 common shares to lawyers in payment of their bill of $38,000 for services rendered in helping the company incorporate. Issued 34,000 common shares for cash at $14 per share. Issued 1,900 preferred shares for cash at $120 per share.