Bonita Corporation was organized on January 1, 2020. It is authorized to issue 10,800 shares of 8%, $100 par value preferred stock, and 539,000 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. 10 Issued 80,700 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,500 shares of preferred stock for cash at $108 per share. Apr. 1 Issued 24,510 shares of common stock for land. The asking price of the land was $91,450; the fair value of the land was $80,700. May 1 Issued 80,700 shares of common stock for cash at $9 per share. Aug. 1 Issued 10,800 shares of common stock to attorneys in payment of their bill of $50,800 for services rendered in helping the company organize. Sept. 1 Issued 10,800 shares of common stock for cash at $11 per share. Nov. 1 Issued 900 shares of preferred stock for cash at $117 per share. Date Account Titles and Explanation Debit Credit Jan. 10 Cash 484200 Common Stock 80700 Paid-in Capital in Excess of Stated Value - Common Stock 403500 Mar. 1 Cash 594000 Preferred Stock 550000 Paid-in Capital in Excess of Par - Preferred Stock 44000 Apr. 1 Land Common Stock 24510 Paid-in Capital in Excess of Stated Value - Common Stock May 1 Cash 726300