Bramble Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (12,000 shares) $600,000 Paid-in Capital in Excess of Par-Preferred Stock 69,000 Common Stock (64,000 shares) 320,000 Paid-in Capital in Excess of Par-Common Stock 660,000 Retained Earnings 250,000 During 2020, the following transactions occurred. Feb. 1 Issued 2,100 shares of preferred stock for land having a fair value of $125,000. Mar. 1 Issued 1,100 shares of preferred stock for cash at $70 per share. July 1 Sept. 1 Issued 15,000 shares of common stock for cash at $8 per share. Issued 400 shares of preferred stock for a patent. The asking price of the patent was $29,500. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Dec. 1 Issued 8,250 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $260,000. No dividends were declared.