Kingbird, Inc. was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 513,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Jan.	10		Issued 78,000 shares of common stock for cash at $4 per share.
Mar.	1		Issued 5,750 shares of preferred stock for cash at $110 per share.
Apr.	1		Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500.
May	1		Issued 81,500 shares of common stock for cash at $4.25 per share.
Aug.	1		Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize.
Sept.	1		Issued 11,500 shares of common stock for cash at $6 per share.
Nov.	1		Issued 3,000 shares of preferred stock for cash at $108 per share.

Date Account Titles and Explanation Debit