Bridgeport Corporation was organized on January 1, 2020. It is authorized to issue 10,400 shares of 8%, $100 par value preferred stock, and 534,200 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. Issued 80,700 shares of common stock for cash at $7 per share. 10 Mar. 1 Apr. 1 May 1 Aug. Issued 5.960 shares of preferred stock for cash at $112 per share. Issued 24,550 shares of common stock for land. The asking price of the land was $91,460; the fair value of the land was $80.700. Issued 80.700 shares of common stock for cash at $9 per share. Issued 10.400 shares of common stock to attorneys in payment of their bill of $53,000 for services rendered in helping the company organize. Issued 10.400 shares of common stock for cash at $11 per share. 1 Sept. 1 Nov. Issued 990 shares of preferred stock for cash at $114 per share. 1