Grouper Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders equity balances.

During 2022, the following transactions occurred.

Feb.	1		Issued 1,900 shares of preferred stock for land having a fair value of $125,000.
Mar.	1		Issued 1,000 shares of preferred stock for cash at $70 per share.
July	1		Issued 17,000 shares of common stock for cash at $7 per share.
Sept.	1		Issued 550 shares of preferred stock for a patent. The asking price of the patent was $31,500. Market price for the preferred stock was $71 and the fair value for the patent was indeterminable.
Dec.	1		Issued 8,250 shares of common stock for cash at $7.50 per share.
Dec.	31		Net income for the year was $257,000. No dividends were declared.