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. Preferred Stock (11,500 shares) $575,000 Paid-in Capital in Excess dPar-Preferred Stock 74,000 Common Stock (69.000 shares) 345,000 Paid-in Capital in Excess of Par-Common Stock 690,000 Retained Earnings 290,000 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 Sept 1 Dec. 1 Dec. 31 Issued 17,000 shares of common stock for cash at $7 per share. 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. Issued 8.250 shares of common stock for cash at $7.50 per share. Net income for the year was $257.000 No dividends were declared