Bridgeport Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 95,000 preferred shares with a $6 dividend. The following share transactions were completed during the first year: Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Issued 209,000 common shares for cash at $24 per share. Issued 16,200 preferred shares for cash at $118 per share. Issued 3,000 common shares for land. The asking price for the land was $67,000; its fair value was $61,500. Issued 21,600 common shares for cash at $18 per share. Issued 1.500 common shares to lawyers in payment of their bill of $28,500 for services rendered in helping the company incorporate. Issued 34,000 common shares for cash at $15 per share. Issued 1,500 preferred shares for cash at $120 per share.