itellar Corporation was organized on January 1,2020 . It is authorized to issue 9,600 shares of 8%,$100 par value preferred stock, and 501,500 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed luring the first year. Jan. Issued 80,050 shares of common stock for cash at $6 per share. 10 Mar. Issued 5,930 shares of preferred stock for cash at $113 per share. Apr. Issued 24,680 shares of common stock for land. The asking price of the land was $90,820; the fair value of the land was 1$80,050. May Issued 80,050 shares of common stock for cash at $8 per share. Aug. Issued 9,600 shares of common stock to attorneys in payment of their bill of $50,400 for services rendered in helping the 1 company organize. Sept. Issued 9,600 shares of common stock for cash at $10 per share. Nov. Issued 1,100 shares of preferred stock for cash at $115 per share. Date Account Titles and Explanation Debit Credit