Courtland Corp. was authorized to issue an unlimited number of common shares. During October 2014, their first month of operations, the following selected transactions occurred:

October 14: Gave the corporation's promoters 5,000 common shares for their services in organizing the corporation. The directors valued the services at $7,000.

October 15: 12,000 common shares were issued in exchange for land valued at $24,000.

October 22: 9,000 of the common shares were issued for a total of $39,600 cash.

October 26: Issued 6,000 common shares at $7.50 per share for cash.

October 31: Closed the Income Summary account. An income of $65,000 was earned.