Bridgeport Corporation is authorized to issue $24,000$ shares of $$50$ par value, $10\%$ preferred stock and $120,000$ shares of $$5$ par

value common stock. On January $1,2022,$ the ledger contained the following stockholders' equity balances.

During $2022,$ the following transactions occurred.

Feb. $1$ Issued $2,200$ shares of preferred stock for land having a fair value of $$122,000.$

Mar. $1$ Issued $1,300$ shares of preferred stock for cash at $$70$ per share.

July $1$ Issued $16,000$ shares of common stock for cash at $$8$ per share.

Sept. $1$ Issued $450$ shares of preferred stock for a patent. The asking price of the patent was $$32,000.$ Market price for the

preferred stock was $$69$ and the fair value for the patent was indeterminable.

Dec. $1$ Issued $8,500$ shares of common stock for cash at $$8\mathrm{.}50$ per share.

Dec. $31$ Net income for the year was $$264,000.$ No dividends were declared.