Current Attempt in Progress Ivanhoe Corporation was organized on January 1, 2020. It is authorized to issue 10,800 shares of 8%, $100 par value preferred stock, and 506,500 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80.520 shares of common stock for cash at $6 per share. Mar Issued 5.500 shares of preferred stock for cash at $109 per share. Apr. Issued 24.310 shares of common stock for land. The asking price of the land was 591.620; the fair value of the land was $80.520. May 1 Issued 80.520 shares of common stock for cash at 58 per share. Aug. Issued 10.800 shares of common stock to attorneys in payment of their bill of $52.900 for services rendered in helping the company organize. 1 Sept. Issued 10.800 shares of common stock for cash at $10 per share. 1 Nov. Issued 900 shares of preferred stock for cash at $123 per share. Date Account Titles and Explanation Debit Credit Jan. 10 Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Mar 1 Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Apr. 1 Common Stock Paid-in Capital in Excess of Par - Common Stock of Par Common Stock May 1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Aug. 1 > Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Sept. 1 Organization Expense Common Stock Paid-in Capital in Excess of Par- Common Stock Nov. 1 N Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock