Concord Corporation is authorized to issue 25,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (11,000 shares) $550,000 Paid-in Capital in Excess of Par-Preferred Stock 68,000 Common Stock (63,000 shares) 315,000 Paid-in Capital in Excess of Par-Common Stock Retained Earnings 750,000 320,000 During 2020, the following transactions occurred. Feb. 1 Issued 2,200 shares of preferred stock for land having a fair value of $128,000. Mar. 1 Issued 1,200 shares of preferred stock for cash at $70 per share. July 1 Issued 15,000 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 $28,000. Market price for the preferred stock was $67 and the fair value for the patent was indeterminable. Dec. 1 Issued 8,000 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $259,000. No dividends were declared.