Cheetah Corporation's charter authorized issuance of 500,000 shares of $1 par value common stock and 250,000 shares of $100 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. Issued a $100,000 8% bond payable at par and gave as a bonus ten shares of preferred stock, which at that time was selling for $102 a share. 2. Issued 7,500 shares of common stock for land. The land had been appraised at $91,100; the seller's book value was $54,600. The most recent market price of the common stock is $12 a share. 3. Issued 5,000 shares of common and 50 shares of preferred for a lump sum amounting to $68,800. The common had been selling at $13 and the preferred at $110. 4. Issued 800 shares of common and 50 shares of preferred for equipment. The common had a fair value of $21 per share the equipment has a fair value of $21,900