Flint Corporation was organized on January 1, 2020. It is authorized to issue 9,800 shares of 8%, $100 par value preferred stock, and 525,300 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 80,970 shares of common stock for cash at $6 per share. Mar. 1 Apr. 1 May 1 Aug 1 Sept. 1 Nov. 1 Issued 5,750 shares of preferred stock for cash at $111 per share. Issued 24,670 shares of common stock for land. The asking price of the land was $91,270; the fair value of the land was $80,970. Issued 80,970 shares of common stock for cash at $9 per share. Issued 9,800 shares of common stock to attorneys in payment of their bill of $47,400 for services rendered in helping the company organize. Issued 9,800 shares of common stock for cash at $11 per share. Issued 980 shares of preferred stock for cash at $123 per share