Detong Corporationwas organized on January 1,2022. it is authorized to issue 10,000 shares of 8%,$100 par value preferred stock. and 500,000 shares of no-par common stock with astated value of $2 per share. The following stock transactions were completed during the first year Jan. 10 Issued 80,000 shares ot commonstock for cashat $4 per share. Mar. 1 Issued 5,000 shares of preferredstock for cash at $105 per share. Apt. I Issued 24,000 shares of common stock for land. The asking price of the land was 590,000 . The fair value of the land was 585,000 My 1 Is 1 Isued 80,000 shares of cocvmon tock for cash at 34.50 per share. Auk. I Issued 10.000 shares of common stock to attorneys inpayment of their bil of $30,000 for services pertarmed in helping the company organize Sept 1 issued 10,000 shares of commenstock for cash at 55 ber share. Nov 1 issued 1.000 shares of preferred stock for cashat 5109 per share Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock 437000 Paid-in Capital in Excess of Stated Value-Common Stock