Grouper Corp., a private corporation, received its articles of incorporation on January 3, 2021. It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 24 July 11 Oct. 1 Issued 50,000 common shares for $5 per share. Issued 950 common shares in payment of a $4,550 bill for legal services. Issued 1,000 preferred shares for $25 per share. Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $55,900. Grouper's accountant estimated that the fair value of the shares issued might be as high as $6 per share.