Bramble Corp., a private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 24 July 11 Issued 57,500 common shares for $5 per share. Issued 1,100 common shares in payment of a $6,760 bill for legal services. Issued 1,150 preferred shares for $25 per share. Oct. 1 Issued 11,500 common shares in exchange for land. The land's fair value was estimated to be $63,250. Bramble's accountant estimated that the fair value of the shares issued might be as high as $6 per share.