Bridgeport Corporation was organized on January 1, 2017. It is authorized to issue 10,800 shares of 8%, $100 par value preferred stock, and 506,500 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 80,520 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,500 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 24,310 shares of common stock for land. The asking price of the land was $91,620; the fair value of the land was $80,520. May 1 Issued 80,520 shares of common stock for cash at $8 per share. Aug. 1 Issued 10,800 shares of common stock to attorneys in payment of their bill of $52,900 for services rendered in helping the company organize. Sept. 1 Issued 10,800 shares of common stock for cash at $10 per share. Nov. 1 Issued 900 shares of preferred stock for cash at $123 per share.