Flounder Company was formed on July 1, 2018. It was authorized to issue 290,100 shares of $10 par value common stock and 102,300 shares of 8% $25 par value, cumulative and nonparticipating preferred stock. Flounder Company has a July 1-June 30 fiscal year. The following information relates to the stockholders' equity accounts of Flounder Company. Common Stock Prior to the 2020-2021 fiscal year, Flounder Company had 112,800 shares of outstanding common stock issued as follows. 87,900 shares were issued for cash on July 1, 2018, at $30 per share. 1. 2. On July 24, 2018, 5,000 shares were exchanged for a plot of land which cost the seller $66,800 in 2012 and had an estimated fair value of $222,500 on July 24, 2018. 3. 19,900 shares were issued on March 1, 2019, for $43 per share. During the 2020-2021 fiscal year, the following transactions regarding common stock took place. November 30, 2020 December 15, 2020 June 20, 2021 Flounder purchased 1,900 shares of its own stock on the open market at $36 per share. Flounder uses the cost method for treasury stock. Flounder declared a 5% stock dividend for stockholders of record on January 15, 2021, to be issued on January 31, 2021. Flounder was having a liquidity problem and could not afford a cash dividend at the time. Flounder's common stock was selling at $54 per share on December 15, 2020. Flounder sold 500 shares of its own common stock that it had purchased on November 30, 2020, for $19,100.