Culver Corporation was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8 %, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Issued 80,500 shares of common stock for cash at $4 per share. Issued 4,550 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,500 shares of common stock for land. The asking price of the land was $92,500. The fair value of the land was $85,000. May 1 Issued 80,000 shares of common stock for cash at $5.00 per share. Aug 1 Sept. 1 Nov. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $44,500 for services performed in helping the company organize. Isued 11,500 shares of common stock for cash at $7 per share. Issued 2,500 shares of preferred stock for cash at $114 per share.