Flounder Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 505,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1. Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,800 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $81,000. Issued 76,000 shares of common stock for cash at $4.25 per share. Issued 10,500 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $5 per share. Sept. 1 Nov. 1 Issued 3,000 shares of preferred stock for cash at $112 per share.